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Top related persons:
SVB - 1 Tiyashi Datta - 1 Marguerita Choy - 1
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Asia California bank's U.S U.S Cayman Islands China Singapore California Bengaluru
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U.S . Federal Deposit Insurance Corp - 1 First Citizens Bank - 1 Street - 1 FDIC - 1 California bank's - 1 Bank - 1 Thomson - 1

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2 mentions found


☆ SVB's Asian customers who lost deposits remain on the hook for loans - WSJ
  + stars: | 2023-06-19 | by ( ) www.reuters.com   time to read: +1 min
June 19 (Reuters) - Silicon Valley Bank's customers in Asia whose deposits were recently seized by the U.S. Federal Deposit Insurance Corp (FDIC) are under pressure to repay loans to First Citizens Bank, The Wall Street Journal reported on Monday. According to the report, when SVB failed in March, the FDIC stepped in to protect all of the California bank's U.S. deposits and arranged a sale of the lender's U.S. customer accounts, branches and loans to First Citizens Bancshares. SVB, FDIC and First Citizens Bank did not immediately respond to a request for comment. California regulators shuttered Silicon Valley Bank in March and First Citizens BancShares (FCNCA.O) purchased the bank with the help of FDIC in a deal that drained $20 billion from an insurance fund financed by banks and run by the government. Reporting by Tiyashi Datta in Bengaluru Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.
Persons: SVB, Tiyashi Datta, Marguerita Choy Organizations: U.S . Federal Deposit Insurance Corp, First Citizens Bank, Street, FDIC, California bank's, Bank, Thomson Locations: Asia, California bank's U.S, U.S, Cayman Islands, China, Singapore, California, Bengaluru
☆ US consumer sentiment deteriorates in March, inflation expectations retreat
  + stars: | 2023-03-17 | by ( Lucia Mutikani | ) www.reuters.com   time to read: +6 min
SummarySummary Companies Consumer sentiment slips in MarchInflation expectations easeManufacturing production edges up 0.1% in FebruaryWASHINGTON, March 17 (Reuters) - U.S. consumer sentiment fell for the first time in four months in March, but households expected inflation to subside over the next year and beyond, which could offer some relief to the Federal Reserve as it confronts financial market instability. The University of Michigan's preliminary March reading on the overall index of consumer sentiment came in at 63.4, down from 67 in the prior month. While the correlation between consumer sentiment and spending is weak, economists expect tighter financial conditions will undercut consumption and push the economy into recession. A separate report from the Conference Board showed its Leading Economic Index, a gauge of future economic activity, dropped for an 11th straight month in February. Durable manufacturing production nudged up 0.1%, while nondurable manufacturing output climbed 0.2%.
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