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Signage at the Alibaba Group Holding Ltd. offices in Beijing, China, on Tuesday, Jan. 17, 2023. Bloomberg | Bloomberg | Getty Images Hong Kong-listed shares of alibaba surged 15% at the open on Wednesday after the company announced a significant overhaul to split the tech giant into six business groups. On Wall Street overnight, Alibaba … Read more
First Republic Bank headquarters is seen on March 16, 2023 in San Francisco, California, United States. Tayfun Coskun | Anadolu Agency | Getty Images The surge of deposits moving from smaller banks to big institutions including JPMorgan Chase and Wells Fargo amid fears over the stability of regional lenders has slowed to a trickle in … Read more
The federal government should expand its guarantee to all bank deposits regardless of size in order to slow bank runs, but it should charge customers for that insurance, hedge-fund manager Nelson Peltz said Monday. The Trian Fund Management founding partner told CNBC that customers pulling money out of smaller banks is a “dangerous situation” and … Read more
The logos of Swiss banks Credit Suisse and UBS on March 16, 2023 in Zurich, Switzerland. Arndt Wiegmann | Getty Images News | Getty Images UBS Shares staged a remarkable rally Monday afternoon, reversing steep losses after the bank’s 3 billion Swiss franc ($3.2 billion) “emergency rescue” of embattled domestic rival Credit Suisse, Shares of … Read more
People are seen inside the First Republic Bank branch in Midtown Manhattan in New York City, New York, US, March 13, 2023. REUTERS/Mike Segar Mike Segar | Reuters Shares of First Republic were under severe pressure Friday despite the beaten-down regional bank receiving aid from other financial institutions the day before. At the market close, … Read more
A group of financial institutions has agreed to deposit $30 billion in First Republic in what’s meant to be a sign of confidence in the banking system, the banks announced Thursday afternoon. Bank of America, Wells Fargo, Citigroup and JPMorgan Chase will contribute about $5 billion a piece, while Goldman Sachs and Morgan Stanley will … Read more