Bank stocks soared last week as investors rode a market rally that was fueled by optimism about the Federal Reserve’s interest rate trajectory and the possibility of a “soft landing” for the US economy. On Tuesday, the banking industry experienced its biggest single-day jumps since May 2020 after inflation data indicated a quicker than expected …
Bank of America’s Shares Take a Hit as Big Banks Are on the Edge, Feeling the Heat from Treasury-Market Rout Bank of America’s shares have dropped approximately 14% this year, providing further evidence of the financial crisis that is brewing. According to Moody’s, big banks are facing astounding unrealized losses that have reached $650 billion. …
What trades like a stock, performs like a mutual fund, and has taken financial markets by storm over the past 15 years? The answer is the exchange-traded fund, or ETF, a basket of securities that tracks an index or an industry. How to Maximize Your Winter Travel Budget | Your Wallet It’s all part of …
By Staff The Canadian Press Posted August 1, 2023 11:08 am Decrease article font size Increase article font size National Bank of Canada is set to acquire the Canadian branch of Silicon Valley Bank’s commercial loan portfolio. The Montreal-based bank will gain a $1 billion loan commitments portfolio, with $325 million outstanding. The portfolio mainly …
The stress tests conducted by the Federal Reserve this year have shown that the nation’s 23 largest banks have passed, indicating resilience in the banking system despite recent failures in Silicon Valley Bank, Signature Bank, and First Republic Bank. However, there were some concerns raised about midsize and super regional banks, as some passed with …
The parent company of Silicon Valley Bank, which was recently seized by the U.S., has filed for Chapter 11 bankruptcy protection. SVB Financial Group, along with its CEO and CFO, is facing a class action lawsuit that alleges the company failed to disclose the risks of future interest rate increases. Following its seizure by the …
Silicon Valley Bank’s recent collapse has reignited concerns about lending discrimination in the banking industry, especially when it comes to people of color. Venture capitalist Arlan Hamilton, who founded Backstage Capital, stepped in to help some of the startup founders of color who panicked about losing access to payroll funds. However, such options for those …