Tag: Commercial Banking
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Regional-bank stocks move up after PacWest deal suggests stabilization in sector
[ad_1] Regional-bank stocks rose Wednesday as hard-hit PacWest Bancorp agreed to be acquired by Banc of California in a sign that the hangover from bank failures earlier this year may be receding. “The implied take out price of $9.60 is higher than many estimated, with ‘[PacWest] resolution’ a net positive for the banking sector,” KBW…
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NatWest CEO resigns after admitting to be source for inaccurate story on Nigel Farage
[ad_1] The chief executive of NatWest resigned on Wednesday, leaving after admitting to leaking banking information on a conservative politician to the BBC. Alison Rose will step down “by mutual consent,” just a day after she said she was the source of a story from the BBC that Nigel Farage had his account closed because…
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Biogen to slash 1,000 jobs as it looks to save $700 million
[ad_1] Biogen Inc. BIIB, -3.58% said Tuesday that it will eliminate about 1,000 jobs as part of a broader cost-cutting initiative designed to save $700 million annually. The belt-tightening comes as the biotech company launches its Alzheimer’s treatment, Leqembi, a collaboration with Eisai Co. Ltd. ESALF, -2.36% that received full U.S. Food and Drug Administration…
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Everyone thinks Fed’s rate hike next week will be the last one — except the Fed
[ad_1] Wall Street economists seem convinced that the Federal Reserve will raise its benchmark interest rate by 25 basis points Wednesday and that this increase will turn out to be the final hike of this cycle. But they also don’t expect to hear Fed Chair Jerome Powell say so, at least not yet. “While we…
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U.S. bank lending falls slightly in latest week
[ad_1] The numbers: Commercial and industrial lending — a key driver of economic activity — fell by $2.1 billion to $2.75 trillion in the week ending July 12, the Federal Reserve said Friday. C&I loans hit a peak of $2.82 trillion in mid-March, right before the collapse of Silicon Valley Bank, and the pace of…
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U.S. Federal Reserve confirms July 27 meeting on Basel III endgame capital proposals for banks
[ad_1] The Federal Reserve Board has scheduled a July 27 open meeting to air proposed rules to implement the Basel III endgame agreement for large banks, as well as capital surcharges for the largest and most complex banks. The move by the Fed late Monday comes after reports last week of the gathering by Federal…
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Bank ETFs bounce, with this fund heading for potentially best month since 2021
[ad_1] Exchange-traded funds that buy bank stocks jumped Tuesday as investors assessed Wall Street’s latest batch of second-quarter earnings results from giants including Bank of America and Morgan Stanley. The Invesco KBW Bank ETF KBWB, +3.05% closed up slightly more than 3% Tuesday, while the SPDR S&P Regional Banking ETF KRE, +4.22% surged 4.2%, according…