LOS ANGELES (AP) — Two insurance industry giants have pulled back from California's home insurance marketplace, saying that increasing wildfire risk and soaring construction costs have prompted them to stop writing new policies in the nation's most populous state.
Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warnsJune 2, 2023 GMT
NEW YORK (AP) — Customers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned Thursday.
LONDON (AP) — Credit Suisse owes former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars for failing to protect the billionaire's money in a trust pilfered by a manager, a Singapore court ruled Friday, the latest scandal for the Swiss bank whose yearslong problems forced its takeover by a rival.
Morgan Stanley’s James Gorman, who arrived at the bank shortly before financial crisis, to retireMay 19, 2023 GMT
NEW YORK (AP) — Morgan Stanley's long-time CEO James Gorman will retire in the next 12 months, he said Friday at the bank's annual shareholder meeting.
Gorman said the bank is looking at three senior internal candidates to be the investment bank's new top executive.
Top Lebanese official in IMF talks calls for central bank head to resign amid corruption allegationsMay 18, 2023 GMT
BEIRUT (AP) — The Lebanese official heading talks with the International Monetary Fund to bail out Lebanon's tanking economy called Thursday for the country's embattled central bank chief to resign, amid allegations of corruption and an international arrest warrant issued against him.
Bank execs blame panicked depositors for Silicon Valley, Signature failures, but senators blame themMay 16, 2023 GMT
NEW YORK (AP) — Top executives at Silicon Valley Bank and Signature Bank largely avoided taking responsibility for their banks’ dramatic failures at a Senate hearing Tuesday, instead using their time to assign blame to events they said were largely out of their control.
Warren Buffett’s company recommits to Bank of America stock while dumping other banksMay 15, 2023 GMT
OMAHA, Neb. (AP) — Investor Warren Buffett recommitted to his favorite bank stock, Bank of America, during the first quarter while dumping two other banks as part of a number of moves in Berkshire Hathaway's stock portfolio.
Stock market today: Asia shares trade mixed ahead of reportsMay 9, 2023 GMT
TOKYO (AP) — Asian shares traded mixed Tuesday as investors took a wait-and-see view on the week ahead that's full of reports on some of the market’s biggest worries, including stubbornly high inflation across the economy.
Bills’ Hamlin will put the millions raised into his charityMay 9, 2023 GMT
NEW YORK (AP) — Buffalo Bills safety Damar Hamlin will use the $10 million given to online fundraising campaigns by well-wishers after his on-field collapse to fund his own nonprofit, the Chasing M's Foundation.
Banks report tougher credit standards in wake of failuresMay 8, 2023 GMT
WASHINGTON (AP) — A Federal Reserve report Monday showed that banks raised their lending standards for business and consumer loans in the aftermath of three large bank failures and expect to lift them more this year, a trend that could slow the economy in coming months and increases the risk of a recession.
Stock market today: Apple-juiced rally closes bruising weekMay 5, 2023 GMT
NEW YORK (AP) — Apple was at the head of a widespread rally on Wall Street Friday after the market's most influential company reported a better profit than expected. Stocks of beaten-down banks also leapt to recover a smidgen of their sharp losses from a brutal week.
Is my money safe? What you need to know about bank failuresMay 5, 2023 GMT
NEW YORK (AP) — Recent turmoil in the banking industry may have you worried about your money.
Stock market today: Asia mixed after Wall St sinksMay 5, 2023 GMT
BEIJING (AP) — Asian stock markets were mixed Friday after Wall Street sank on worries about the health of U.S. banks that are under pressure from interest rate hikes.
Shanghai declined while Hong Kong and Sydney advanced.
The banking crisis isn’t over. But how bad will it get?May 4, 2023 GMT
NEW YORK (AP) — Uncertainty continues to pummel the banking industry, despite assurances from financial regulators and bankers such as Jamie Dimon this week that the worst of the recent crisis is over and the health of the banking system remains strong.
Stock market today: Asian markets track Wall Street declineMay 3, 2023 GMT
Asian shares declined Wednesday, tracking losses on Wall Street as shares of beleaguered banks tumbled again and worries about the U.S. economy deepened.
U.S. futures edged higher while oil prices were little changed.
Bank stocks continue to fall following First Republic demiseMay 2, 2023 GMT
NEW YORK (AP) — Regulators have barely written the epitaph for First Republic Bank, but investors on Wall Street have already moved onto speculating which bank might be the next to fail.
Bank stocks fell sharply Tuesday, led downward by smaller banks with heavy exposure to uninsured deposits and commercial banks such as Western Alliance Bank, PacWest Bancorp, Comerica and Zions Bank.
Why First Republic failed. Are other banks to follow?May 2, 2023 GMT
First Republic Bank has become the second large regional bank with assets over $200 billion to fail in just a few weeks.
First Republic Bank seized, sold in fire sale to JPMorganMay 1, 2023 GMT
First Republic up in air as regulators juggle bank’s fateMay 1, 2023 GMT
NEW YORK (AP) — Regulators continued their search for a solution to First Republic Bank’s woes over the weekend before stock markets were set to open Monday.
San Francisco-based First Republic has struggled since the collapse of Silicon Valley Bank and Signature Bank in early March, as investors and depositors have grown increasingly worried that the bank may not survive as an independent entity for much longer.
Fed faults Silicon Valley Bank execs, itself in bank failureApril 28, 2023 GMT
WASHINGTON (AP) — The Federal Reserve blamed last month’s collapse of Silicon Valley Bank on poor management, watered-down regulations and lax oversight by its own staffers, and said the industry needs stricter policing on multiple fronts to prevent future bank failures.
Is my money safe? What you need to know about bank failuresApril 28, 2023 GMT
NEW YORK (AP) — Recent turmoil in the banking industry may have you worried about your money.
First Republic shares sink again, down nearly 60% in weekApril 26, 2023 GMT
First Republic Bank's stock continued to slide Wednesday, an ongoing rout that has erased 60% of its value just this week on concerns about the bank's financial health in the wake of two other bank collapses.
Infinite banking has TikTok buzzing, but is it for you?April 26, 2023 GMT
Scroll through TikTok’s finance feed and you’ll come across viral videos on “infinite banking.” The concept is making a splash on social media, fueled by celebrities like rapper Waka Flocka Flame.
First Republic Bank stock plunges as depositors fleeApril 25, 2023 GMT
NEW YORK (AP) — First Republic Bank's stock plunged Tuesday after it said depositors withdrew more than $100 billion during last month’s crisis, with fears swirling that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.
UBS reaps $28B in new money amid Credit Suisse falloutApril 25, 2023 GMT
GENEVA (AP) — Swiss banking giant UBS said Tuesday that it took in $28 billion in new money from wealthy clients in the first three months of the year, with $7 billion of that coming in the 10 days after the announcement it was taking over ailing rival Credit Suisse.
Central banks end crisis offer as bank system fears easeApril 25, 2023 GMT
FRANKFURT, Germany (AP) — In a sign fears about the global financial system have eased for now, major central banks are scaling back their offer of emergency dollar loans to banks, a crisis step launched after the collapse of Silicon Valley Bank in the U.S.
First Republic clients pulled $100B in deposits during panicApril 24, 2023 GMT
NEW YORK (AP) — Depositors at First Republic Bank pulled more than $100 billion out of the bank during last month's crisis, as fears swirled that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.
Bank rates are up. How to avoid leaving money on the tableApril 24, 2023 GMT
NEW YORK (AP) — Moving your savings around by opening a new account and closing an old one can seem like a hassle. But it’s a use of time that can pay off.
After years of paying low rates for savers, banks are finally offering better interest on deposits.
Banks are paying savers again after many years of low ratesApril 24, 2023 GMT
NEW YORK (AP) — Americans are finally reaping some benefit from keeping their money in the bank.
Banks are paying up for savers' deposits in a much bigger way than they have in more than a decade, based on recent earnings reports from the nation's biggest banks.
Credit Suisse saw $69 billion in outflows at start of 2023April 24, 2023 GMT
GENEVA (AP) — Ailing bank Credit Suisse on Monday reported over 61 billion Swiss francs (nearly $69 billion) in outflows in the first three months of the year, when Switzerland’s government arranged for its takeover by rival UBS, and said clients are still withdrawing assets.
Stock market today: Asian shares trading mostly lowerApril 20, 2023 GMT
Shares are mostly lower in Asia in narrow trading after they barely budged on Wall Street following a mixed batch of earnings reports from big U.S. companies.
Oil prices also declined.
Japan reported that its trade deficit narrowed in March as exports rose more than expected, helped by a nearly 40% increase in the value of vehicle exports.
Insurer Elevance Health tops 1Q forecasts on Medicaid growthApril 19, 2023 GMT
INDIANAPOLIS (AP) — A growing Medicaid business helped Elevance Health’s profit jump 11% as the health insurer turned in a better-than-expected first quarter.
But company shares tumbled at the start of trading Wednesday after Elevance also announced an updated 2023 forecast that fell short of Wall Street expectations.
This Week in BusinessApril 17, 2023 GMT
A look at some of the key business events and economic indicators upcoming this week:
Bank results Bank of America reports its first-quarter financial results on Tuesday. The consumer banking giant’s latest earnings come on the heels of several bank failures in March and amid heightened concerns about a recession.
Saudi prince gives 4% Aramco stake to public investment firmApril 16, 2023 GMT
DUBAI, United Arab Emirates (AP) — Saudi Arabia's crown prince announced Sunday the transfer of a 4% stake of the oil giant Saudi Aramco to a subsidiary of the kingdom's sovereign wealth fund, further boosting its coffers as the kingdom tries to expand its economy beyond oil.
Profits at big US banks show few signs of industry distressApril 14, 2023 GMT
NEW YORK (AP) — The nation's largest banks appear to be weathering the current turmoil in their industry just fine.
Despite a pair of historical failures last month that put the nation's banking industry into crisis mode, the nation's biggest banks posted strong profits last quarter, helped by higher interest rates and a U.S.
JPMorgan Chase profits jump 52% amid banking turmoilApril 14, 2023 GMT
JPMorgan Chase & Co. posted a 52% jump in its first-quarter profits, helped by higher interest rates, which allowed the bank to charge customers more for loans. The bank saw deposits grow noticeably, as business and customers flocked to the banking titan after the failure of Silicon Valley Bank and Signature Bank last month.
Wells Fargo tops Wall Street 1Q targets, earning $5 billionApril 14, 2023 GMT
Wells Fargo beat sales and profit targets in the first quarter compared with a year earlier, boosted by higher interest rates.
The quarter saw the collapse of two banks that rattled the financial sector and the broader stock market.
Buffett says people shouldn’t worry about Berkshire, banksApril 12, 2023 GMT
OMAHA, Neb. (AP) — Billionaire Warren Buffett assured investors Wednesday that Berkshire Hathaway will be fine when he's no longer around to lead the conglomerate.
IMF: Prolonged high inflation dims outlook for world economyApril 11, 2023 GMT
WASHINGTON (AP) — The outlook for the world economy this year has dimmed in the face of chronically high inflation, rising interest rates and uncertainties resulting from the collapse of two big American banks.
New BOJ head says banks stable, rules out major policy shiftApril 11, 2023 GMT
TOKYO (AP) — The new governor of Japan’s central bank signaled Monday that he plans no drastic changes in its ultra-low interest rate policy, sticking to earlier messaging on the topic.
Dimon: Bank rules should change after Silicon Valley BankApril 4, 2023 GMT
NEW YORK (AP) — JPMorgan CEO Jamie Dimon said the U.S. and the banking industry should amend regulations following the collapse of Silicon Valley Bank and Signature Bank last month, saying that the financial system needs to be adjusted so that one bank's failure does not “cause undue panic and financial harm.”
Credit Suisse investors slam failures as chairman apologizesApril 4, 2023 GMT
ZURICH (AP) — Credit Suisse shareholders on Tuesday upbraided the Swiss bank's leaders for years of mismanagement, scandal and obfuscation that sent its stock price into the gutter, while executives apologized and insisted that the only way forward for the once-venerable lender was a government-engineered takeover by rival UBS.
Credit Suisse takeover hits heart of Swiss banking, identityApril 1, 2023 GMT
GENEVA (AP) — The UBS takeover of embattled rival Credit Suisse has shaken Switzerland’s self-image and dented its reputation as a global financial center, analysts say, warning that the country’s prosperity could grow too dependent on a single banking behemoth.
Biden calls to revive bank regulations that Trump weakenedMarch 30, 2023 GMT
WASHINGTON (AP) — Weeks after the failure of two banks, President Joe Biden called Thursday for independent regulatory agencies to impose tighter rules on the financial system, telling them that they can act under current law without additional steps taken by Congress.
Gov’t to start looking for bias in small business lendingMarch 30, 2023 GMT
NEW YORK (AP) — Banks will need to start reporting the demographics and income of small business loan applicants under new rules published by the Consumer Financial Protection Bureau on Thursday.
It's a move that policymakers hope will lead to less discrimination and more transparency in the small business lending market, similar to how other laws have regulated the residential mortgage market for decades.
Bank failures highlight declining depositsMarch 30, 2023 GMT
Depositors have accelerated withdrawals amid recent bank failures and sharply rising interest rates, raising concerns about the industry's health and ability to withstand a crisis, experts says.
Bank deposits fell by nearly $720 billion between the second and fourth quarters of 2022, leaving banks' cash assets at their lowest levels in more than two years earlier this month.
Asian stocks mixed after Wall St rally as bank fears easeMarch 30, 2023 GMT
TOKYO (AP) — Asian shares were mixed Thursday following a rally on Wall Street as worries over banks following the collapses of several lenders in recent weeks eased further.
Forceful actions by regulators have helped to calm markets as investors have turned their focus to how central banks might adjust their interest rate policies to reflect persisting worries over how higher rates might affect lenders.
GOP lawmakers accuse Fed of being lax before bank failureMarch 29, 2023 GMT
WASHINGTON (AP) — Republican lawmakers accused top bank regulators Wednesday of dawdling as Silicon Valley Bank hurtled toward the second-largest bank failure in U.S.
UBS brings back Ermotti as CEO with Credit Suisse deal aheadMarch 29, 2023 GMT
GENEVA (AP) — UBS said Wednesday that it's bringing back former CEO Sergio Ermotti to lead the Swiss bank as it executes a government-orchestrated plan to take over struggling rival Credit Suisse.
Asian stocks mixed as anxiety over banks starts to fadeMarch 29, 2023 GMT
BEIJING (AP) — Asian stocks were mixed Wednesday as anxiety about the global financial system began to fade following three high-profile bank failures.
Shanghai followed Wall Street lower. Tokyo and Hong Kong advanced.
Fed official: Bank rules under review in wake of SVB failureMarch 28, 2023 GMT
WASHINGTON (AP) — The Federal Reserve’s bank supervisors warned Silicon Valley Bank’s management as early as the fall of 2021 of risks stemming from its unusual business model, a top Fed official said Tuesday, but its managers failed to take the steps necessary to fix the problems.
Small businesses weigh banking options amid bank turmoilMarch 28, 2023 GMT
NEW YORK (AP) — Sarah Walker, owner of Nuance Interior Design Showroom in Bellevue, Washington, thought she had her banking arrangements fairly well protected. She kept deposits at Wells Fargo and a brokerage account at Fidelity under the federal insurance cap of $250,000.
Asian shares mostly rise on relief over US bank strengthMarch 28, 2023 GMT
TOKYO (AP) — Asian shares were mostly higher on Tuesday as investors got some relief from worries over troubled U.S. banks with a planned takeover of failed Silicon Valley Bank.
Japan's benchmark Nikkei 225 lost 0.1% to 27,456.98.
Silicon Valley Bank collapse concerns founders of colorMarch 27, 2023 GMT
In the hours after some of Silicon Valley Bank’s biggest customers started pulling out their money, a WhatsApp group of startup founders who are immigrants of color ballooned to more than 1,000 members.
Fed official: SVB itself was main cause of bank’s failureMarch 27, 2023 GMT
WASHINGTON (AP) — The nation's top financial regulator is asserting that Silicon Valley Bank's own management was largely to blame for the bank's failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse.
Deal to buy Silicon Valley Bank calms bank fears, for nowMarch 27, 2023 GMT
NEW YORK (AP) — First Citizens Bank is buying much of Silicon Valley Bank, the tech-focused financial institution whose failure this month set off a chain reaction that helped rattle faith in banks around the world.
Bank failures and rescue test Yellen’s decades of experienceMarch 25, 2023 GMT
WASHINGTON (AP) — Working against the clock to stop a developing banking crisis, Treasury Secretary Janet Yellen had until sunset on Sunday, March 12, to come up with a plan to calm the U.S.
Wall Street ends higher, marking 2nd winning week in a rowMarch 24, 2023 GMT
A late-afternoon turnaround on Wall Street left stocks higher Friday as the market shook off a weak start amid worries about banks on both sides of the Atlantic.
The S&P 500 rose 0.6% after slipping for most of the morning.
Deutsche Bank shares drop amid global jitters over banksMarch 24, 2023 GMT
FRANKFURT, Germany (AP) — Shares in Deutsche Bank fell sharply Friday, dragging down other major European banks and leading German Chancellor Olaf Scholz to express confidence in the country’s largest lender after fears about the global financial system sent fresh shudders through the market.