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☆ A myth about Irish immigrants who came to the US during the potato famine gets debunked in a new book
▼ + stars: | 2024-03-17 | by ( Catherine E. Shoichet | ) edition.cnn.com time to read: +22 min

In part, that was because it was just impossible to trace Irish famine immigrants and find out what had happened to them. This is just inconceivable to anyone who had ever thought about the famine Irish given the obstacles that faced them. Biden is one of four US presidents who descended from Irish famine immigrants. The famine immigrants really were the ones who cemented the idea of the American Dream as we understand it today. At the time, the neighborhood was home to the more Irish immigrants than any other part of the city.

Persons: CNN — Tyler Anbinder didn’t, Anbinder, Martin Scorsese, ”, …, “ It’s, ” Anbinder, Richard Ljoenes, —, ’, Patrick’s, there’s, “, Michael Sullivan, they’re, Biden, Obama, Reagan, Kennedy, Joe Biden, Kevin Lamarque, He’s, Pope, I, ” Biden doesn’t, George Washington, There’s, you’ve, Alderman John Barry’s, Tyler, Tyler Anbinder, he'd, Chris Langford, can’t, United States —, John Carlin, saloonkeepers, Saint Louis Organizations: CNN, Emigrant Savings Bank, New York Public Library, Irish, George Washington University, St, they’re Catholic, London, Hulton, Murphys, Reuters, New York Tribune, George Washington Bridge, New York Central Railroad, York, New York Public Locations: New York, York, United States, America, Europe, Liverpool, Ireland, County Mayo, Rome, Irish, Manhattan, Yorkers, New, New York City, Chicago, California, Minnesota, Saint

☆ TikTok debate reveals the risks for investing in China during U.S. election year
▼ + stars: | 2024-03-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

The debate over whether Chinese-owned TikTok can operate in the U.S. is back with fervor, revealing more about the risk for Chinese stocks in a U.S. presidential election year. Such considerations motivated Goldman Sachs analysts to update their model for measuring the level of risk from U.S.-China tensions in Chinese stocks. Their barometer, created in 2020, "has correlated well with the U.S.-China events timeline, and China equity performance," the analysts said. Goldman's revised U.S.-China tensions barometer stands at a modest 53 out of 100, indicating a "somewhat benign" outlook for the bilateral relationship. But as the TikTok bill now makes its way to the Senate, many analysts expect its momentum to slow.

Persons: Goldman Sachs, Goldman's, It's, Raymond James, That's, Steven Mnuchin, CNBC's, Mnuchin, Donald Trump, Joe Biden, Trump, Biden, Goldman, — CNBC's Michael Bloom Organizations: U.S ., Goldman, U.S, Chinese Communist Party, IMEIK Technology, Postal Savings Bank Locations: U.S, China, Beijing

☆ 2024 is the year of the rate cut pivot — here's when the world's central banks will budge
▼ + stars: | 2024-03-13 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +6 min

EIU also expects the Bank of Japan will exit its negative interest rate policy in the second quarter. Markets currently expect the Fed to start with a 25-basis-point rate cut in June. Euro zoneThe European Central Bank last week also held its policy rate at a record high of 4%, signaling that it won't cut rates before June. JPMorgan said in a research note that the Turkish central bank may cut its policy rate in November and December, keeping its year-end policy rate forecast of 45%. IndonesiaIndonesia's central bank kept its benchmark policy rate at 6% in its recent meeting.

Persons: EIU, Jerome Powell, LSEG, Nomura, Perry Warjiyo, CNBC's JP Ong, BOK, Goldman Sachs, Goohoon Kwon, Kwon Organizations: Getty, Economist Intelligence Unit, Bank of Japan, United, United States U.S, Federal, Fed, European Central Bank, ECB, Swiss National Bank, UBS, Bank of Canada, Bank of, JPMorgan, Reserve Bank of, ANZ, New Zealand Auckland Savings Bank, Bank, Bank Indonesia, BMI, Fitch Solutions, U.S, Oxford Economics, Macquarie Locations: Czech, China, Japan, United States, Switzerland Swiss, Bank of Canada, Turkey, Turkish, Reserve Bank of Australia, New, Indonesia, South Korea, Asia

The best high-yield checking accounts pay significantly more than the average checking account rate of 0.07% APY (Annual Percentage Yield). Farmers Savings Bank, a local brick-and-mortar bank in Iowa, is the current market leader for interest-earning checking accounts. Betterment Cash Reserve: Betterment is primarily an investment platform, but it also offers a Cash Reserve account for your savings. My Banking Direct Savings Account: My Banking Direct has a high-yield savings account that pays 5.35% APY on balances of $1 or more. Products in this post: Farmers Savings Bank Star Checking, Betterment Cash Reserve Account, BrioDirect High-Yield Savings Account, Customers Bank High Yield Savings Account, UFB Secure Savings, CIT Bank Platinum Savings, Wealthfront Cash Account, American Express® High Yield Savings Account, OnPath Rewards High-Yield Checking, Redneck Bank Rewards Checkin' Account, Primis Premium Checking, Milli Savings Account, Betterment Cash Reserve Account, BrioDirect High-Yield Savings Account, My Banking Direct High Yield Savings Account

Persons: you'll, Milli, BrioDirect Organizations: Farmers Savings Bank, Farmers Savings Bank Farmers Savings Bank, . Farmers Savings Bank, OnPath Credit Union, OnPath Foundation, Bank, Redneck Bank, Primis Bank, Milli, Cash, Banking, Products, Secure Savings, CIT Bank, Savings, Express Locations: Iowa, United States, Arlington, Colesburg

☆ Former high-ranking FDIC attorney Mark Black pleads guilty in child sex exploitation case
▼ + stars: | 2024-01-23 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

A former high-ranking lawyer at the Federal Deposit Insurance Corporation pleaded guilty Tuesday in federal court to conspiring to sexually exploit multiple children and now faces a mandatory minimum prison sentence of 15 years. "Black and his co-conspirators would covertly record this conduct and share the videos with each other," the DOJ said. Black pleaded guilty Tuesday in U.S. District Court in Alexandria, Virginia, to one count of conspiracy to produce child pornography and one count of coercion and enticement. He faces a mandatory minimum sentence of 15 years in prison and a maximum sentence of life behind bars. The FDIC said Black's criminal activity "had nothing whatsoever to do with the FDIC," and did not involve the use of agency computers or other devices.

Persons: Mark Black, Black Organizations: Federal Deposit Insurance Corporation, Arlington Aquatic, FDIC, Justice, DOJ, CNBC, FBI, U.S . Center, SafeSport, U.S, Olympic Locations: Arlington, Virginia, Arlington ., U.S, Alexandria , Virginia

☆ Best Banks and Credit Unions for 2024
▼ + stars: | 2023-12-18 | by ( Martha C. White | ) www.wsj.com time to read: +13 min

While its checking interest rate is set much lower, you do earn interest on every dollar of your balance—its flagship checking account was also Buy Side’s top pick in the Best Checking Account category. CaveatsCapital One’s savings account APY beats most national banks and is competitive among online banks. The Ally Online Savings and Ally Spending accounts (the latter is the bank’s flagship checking account) were our top picks for digital banks in Buy Side’s Best Checking and Best Savings rankings. In Buy Side’s roundups, Alliant took the top spot among credit unions in our Best Checking and Best Savings rankings. How we pickedTo pick Buy Side from WSJ’s Best Banks, we evaluated dozens of banks and credit unions, looking for institutions that offered the best combination of high interest, low fees and flexible account options for savings, checking and CDs.

Persons: Martha C, you’ll, —, Ally, Ivy, Ivy doesn’t, Ivy Bank’s, Alliant, Foster, — Alliant, Banks Organizations: Wall, Best, Capital, American Express, Ally, Savings, Synchrony, Alto, Ivy Bank, Cambridge Savings Bank, Ivy, Bank5 Connect, CIT Bank, First, Alliant, Bank, Foster Care, Credit Union, Lake, Best Bank, Best Credit Union, National Credit Union Administration Locations: U.S, American, Massachusetts, California, Golden State, Lake Michigan

☆ Analysts love this under-the-radar British banking stock — and Jefferies says it's set to double
▼ + stars: | 2023-12-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Shares of OneSavings Bank , a U.K. lender focusing on landlords, are set to see its share price double from current levels, according to analysts at Jefferies. The lender's stock has already risen by 30% over the past month after it revealed a rapidly growing loan book. U.K. shares are generally priced in pence, with 100 pence equal to one British pound ($1.27). The investment bank believes the market is undervaluing OSB's stock due to the negative perception surrounding the U.K. economy and stock market. They are also bullish on the stock with a 720-pence-per-share price target, giving the stock a 90% upside potential.

Persons: Jefferies, Julian Roberts, James Hamilton Organizations: OneSavings Bank, Jefferies, Kent Reliance, Numis Securities, Deutsche Bank Locations: U.K, England, Kent

[1/5] Russian President Vladimir Putin delivers a speech during a plenary session of the Artificial Intelligence Journey 2023 international AI and machine learning conference in Moscow, Russia November 24, 2023. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS Acquire Licensing RightsSummaryCompanies Putin to approve new AI strategy soonChina and U.S. lead on AI currentlyRussian AI has been set back by Ukraine war, sanctionsPutin calls Russia to up its game on AIMOSCOW, Nov 24 (Reuters) - President Vladimir Putin on Friday warned that the West should not be allowed to develop a monopoly in the sphere of artificial intelligence (AI), and said that a much more ambitious Russian strategy for the development of AI would be approved shortly. "In all spheres of our life, humanity is beginning a new chapter of its existence," Putin said of AI, adding that Russia needed to up its game on AI both in ambitions and execution. Russia, he said, would have to change laws, boost international cooperation, and ensure much more investment for the development of AI. He told Putin in June that Sberbank was making around $3 billion annually from $1 billion in AI investments.

Persons: Vladimir Putin, Mikhail Klimentyev, Putin, Gref, Sberbank, Guy Faulconbridge, Gareth Jones, Mark Potter Organizations: Artificial, Sputnik, REUTERS Acquire, MOSCOW, Thomson Locations: Moscow, Russia, Kremlin, China, U.S, Russian, Ukraine, United States, India, Israel, South Korea, Japan

☆ Germany financial sector facing dark clouds, Bundesbank warns
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kai Pfaffenbach/File Photo Acquire Licensing RightsCompanies Deutsche Bundesbank FollowFRANKFURT, Nov 23 (Reuters) - Germany's financial firms may be well capitalised now but face challenges ranging from rising interest expenditure and weak loan demand to unrealised losses, Bundesbank Vice President Claudia Buch said on Wednesday. "Almost two-thirds of savings banks and credit cooperatives now have unrealised losses throughout their banking book, which comprises loans as well as securities," Buch said in a statement. Buch warned that interest rate expenditure was likely to rise in the future, which will compress margins and weigh on earnings. Banks will struggle to offset higher costs via rising loan volumes since corporate demand is weak amid a recessionary environment. "Even in adverse scenarios, financial institutions should have sufficient levels of capital and liquidity to be able to absorb shocks on their own," Buch added.

Persons: Kai Pfaffenbach, Claudia Buch, Buch, Banks, Balazs Koranyi, Bernadette Baum Organizations: REUTERS, Thomson Locations: Frankfurt, Germany, FRANKFURT

The latest proposal from EU cybersecurity agency ENISA concerns an EU certification scheme (EUCS) which vouches for the cybersecurity of cloud services and determines how governments and companies in the bloc select a vendor for their business. The document retains key provisions contained in earlier drafts such as a requirement that U.S. tech giants set up a joint venture with an EU-based company to qualify for the EU cybersecurity label. Another provision states that cloud service must be operated and maintained from the EU, while all cloud service customer data must be stored and processed in the EU, with EU laws taking precedence over non-EU laws regarding the cloud service provider. The latest draft sets out the possibility for these tough requirements to be extended to the third highest security level. EU countries are now reviewing the latest draft after which the European Commission will adopt a final scheme.

Persons: OpenAI's, CCIA, ENISA, Alexandre Roure, Foo Yun Chee, Jonathan Oatis Organizations: European, Google, Microsoft, Big Tech, EU, Tech, European Banking Federation, European Savings Banks Group, Association for Financial Markets, Federation, Insurance, Thomson Locations: BRUSSELS, European Union, EU, Europe

☆ Germany buys stake in EnBW's high voltage grid for $1.1 bln
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

Solar panels of Germany's largest solar park Weesow-Willmersdorf by energy supplier EnBW AG are seen during sunset in Werneuchen, Germany September 21, 2023. EnBW earlier this year already sold a 24.95% stake in TransnetBW to a savings banks-led consortium for around 1 billion euros ($1.1 billion). The group confirmed that KfW had bought its stake at the same conditions, without providing details. "We are delighted to welcome two long-term oriented and reliable co-investors on board at TransnetBW," EnBW finance chief Thomas Kusterer said in a statement. "This provides EnBW with additional funding for growth investments to accelerate the implementation of the energy transition in Germany."

Persons: Lisi Niesner, firming, KfW, Thomas Kusterer, Christoph Steitz, Jan Harvey Organizations: EnBW, REUTERS, Rights, Thomson Locations: Werneuchen, Germany, TransnetBW, Berlin

☆ L.L. Bean closes headquarters, stores and factories in Maine after mass shooting
▼ + stars: | 2023-10-26 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

Bean spokesperson Amanda Hannah said the company’s large campus of four stores in Freeport as well as its corporate headquarters in that town will be closed on Thursday. Bean,” the company spokesperson said. Camden National Bank and Bangor Savings Bank posted notices on their websites Thursday morning announcing multiple bank branches will be shut on Thursday. “We are shocked and deeply saddened by the horrific mass shooting in Lewiston, Maine. We mourn the loss of loved ones, friends and neighbors in Lewiston,” the bank spokesperson said.

Persons: CNN —, Bean, L.L, Amanda Hannah, . Bean, Hannaford, ” Hannaford, Allagash, ” Allagash Organizations: CNN, Hannaford, Facebook, Lewiston ., Lewiston . Camden National Bank, Bangor Savings Bank, . Camden National, Bangor Savings, ”, Bank Locations: Maine, Freeport, Lewiston, Brunswick, Lewiston . Camden, Bangor, Lewiston , Auburn, Topsham, Richmond, Bath, ”, Lewiston , Maine, Maine’s, Portland, ” “ Maine

☆ German small and medium-sized enterprises showed resilience in 2022
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Sept 12 (Reuters) - German small and medium-sized enterprises achieved strong results in 2022 despite the difficult overall economic situation, a report of the German Savings Banks Association (DSGV) showed on Tuesday. "When the impression is given these days that nothing in Germany works anymore, I answer that small and medium enterprises work," said Helmut Schleweis, president of the DSGV, at the presentation of a study about small and medium enterprises. Revenues rose last year by an average of 14% and profits by 17% year-on-year, the report showed. High energy prices in Germany could make companies shift more of their production abroad, Schleweis said, pointing to another big challenge for the German economy. "This would benefit not only a few large companies, but also medium-sized businesses."

Persons: Helmut Schleweis, Schleweis, Maria Martinez, Klaus Lauer, Rachel More Organizations: German Savings Banks Association, Thomson Locations: Germany

The Sesame Credit Builder card is available now, while the Sesame Ring credit-management platform launches on August 22. No credit check Check mark icon A check mark. Credit Sesame will not pull a hard inquiry on your credit report, so your credit score won't drop when you start using the Sesame Credit Builder. Credit Sesame will not pull a hard inquiry on your credit report, so your credit score won't drop when you start using the Sesame Credit Builder. Sesame Credit Builder is available now online or through the Credit Sesame mobile app.

Persons: Sesame, — Organizations: Community Federal Savings Bank, Sesame, Credit Locations: America

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). The easiest personal loans to get are ones with low or flexible credit score requirements. Quick tip: A secured personal loan is even easier to qualify for than a traditional personal loan . There are more places than ever to get personal loans, but there isn't a one-size-fits-all personal loan source for everyone. Because of their lax credit score requirements, these lenders are often the easiest overall sources of personal loans.

Persons: you've, you'll, Michael Pugh, Banks, Pugh Organizations: Service, Federal Savings Bank, Chevron Locations: Wall, Silicon, Plenty, Chevron

☆ Sberbank CEO tells Putin of huge returns on its AI investments
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, July 19 (Reuters) - Russia's dominant lender Sberbank (SBER.MM) is making around $3 billion each year from artificial intelligence, a return on investment of about 200%, CEO German Gref told Russian President Vladimir Putin on Wednesday. Advances in generative AI by firms such as startup OpenAI, backed by Microsoft (MSFT.O), are stimulating excitement about the potential benefits for business and society. "Every year we invest a sum of around $1 billion in artificial intelligence technology," Gref told Putin at a televised event in the Kremlin. "And we get about $3 billion back from artificial intelligence." During his time at Sberbank's helm, Gref has overseen investments in artificial intelligence, cloud services, big data and smart devices, transforming the former Soviet savings bank's image.

Persons: Gref, Vladimir Putin, Putin, Sberbank, Vladimir Soldatkin, Alexander Marrow, Alexandra Hudson Organizations: Microsoft, Alexandra Hudson Our, Thomson Locations: MOSCOW, Russia, Soviet Union, Sberbank's, Ukraine

China's central bank said that financial regulators would fine Ant and its subsidiaries a total of 7.12 billion yuan, require it to stop operations of its crowdfunded medical aid service Xianghubao and compensate users. Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jack Ma, Jeffrey Towson, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Alibaba, Hong Kong, Financial Regulatory Administration, State Council, Lens Consulting, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The National Financial Regulatory Administration (NFRA), a new government body under the State Council, is now the primary regulator to grant Ant the license, they added. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jeffrey Towson, Jack Ma, China's, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Tenpay, Alibaba, Hong Kong, Lens Consulting, Communist Party, Financial Regulatory Administration, State Council, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

☆ The Best Debit Cards for Kids and Teens
▼ + stars: | 2023-07-02 | by ( Kerri Anne Renzulli | ) www.wsj.com time to read: +15 min

Banks, credit unions, financial technology companies and even investment firms all offer debit cards geared toward under 18-year-olds. With Greenlight, children receive a physical debit card with their name on it. In addition to its abundance of customizable features, Greenlight also rises above other kids debit cards thanks to the educational tools and games included in its app. This is possible because the Step Visa Card is not technically a debit card, though it functions very similarly. How we pickedTo pick Buy Side from WSJ’s Best Debit Cards for Kids and Teens, we looked at card options available to those under the age of 18, including prepaid debit cards, checking account-linked debit cards, secured credit cards and brokerage account-linked debit cards.

Persons: Kerri Anne Renzulli, they’ve, Banks, we’ve, Greenlight, Chase, it’s, Side’s, —, Equifax, Roth Organizations: Community Federal Savings Bank, Capital, Teens, Chase, Teen, Fidelity, Learning, Kids

☆ New York skyscraper to open one of the highest basketball courts in the world
▼ + stars: | 2023-06-30 | by ( Jacquelyn Palumbo | Jacqui Palumbo | ) edition.cnn.com time to read: +3 min

Brooklyn’s latest addition to the New York City skyline, the Brooklyn Tower, is offering its residents those bragging rights. “We took advantage (of the space).”The Sky Park will also include a playground and dog park. Gabriel SaundersSince the Sky Park is a covered, open-air facility, it will likely be best enjoyed outside of the coldest, windiest days of the year. In the Sky Park, residents will be able to relax, walk their dogs, or dunk against a backdrop of New York City landmarks from sunrise to sunset. Correction: An earlier version of this story misstated the floor number of the Sky Park in Brooklyn Tower.

Persons: ”, Gregg Pasquarelli, “, Gabriel Saunders, Pasquarelli, ” It’s, —, ” Pasquarelli, Evan Joseph JDS, Sauron, you’re Organizations: CNN, New, —, JDS, Barclays Center, Brooklyn Nets, Savings Bank, Evan Joseph JDS Development Group, Brooklyn, New York Post, Sky Locations: New York City, Brooklyn, Downtown Brooklyn, Manhattan, Brooklyn Tower

FreeKick is a credit-builder product that can help parents build credit for their children ages 14-25. Depending on the size of the deposit, a FreeKick account will cost $0 - $99 annually. Traditionally, the easiest way for parents to help their children build credit is by adding them as an authorized user on a credit card. Austin Capital Bank, a savings bank out of Austin, Texas, is launching FreeKick Credit Builder, a new credit-building product that allows parents to help their children build credit without risking their own credit. No credit check Check mark icon A check mark.

SHANGHAI/SINGAPORE, April 28 (Reuters) - Chinese banks are ramping up efforts to promote international use of the yuan, and reporting a surge in cross-border yuan business from the country's booming trade with Russia and deepening ties with the Middle East. Harbin Bank Co (6138.HK), in China's Heilongjiang province neighboring Russia, saw its cross-border yuan business grow nine-fold last year to a record, as the Sino-Russia trade grew briskly after the Ukraine war began. Industrial Bank Co (601166.SS), whose cross-border, corporate payment business jumped 50% last year, has also been actively promoting CIPS, China's own global payment system. The bank said it currently helps 153 foreign and Chinese banks connect to CIPS, to advance China's yuan internationalisation strategy. "Increasing the use of yuan in pricing, and settling cross-border oil and gas trade will give a boost to yuan internationalization."

In addition to mergers and acquisitions, the options include a sale of the bank and an initial public offering (IPO), the people said. Officials for Co-op Bank, Aldermore, OneSavings Bank, Paragon and Shawbrook declined to comment. Co-op Bank had an equity value of close to 1.3 billion pounds ($1.61 billion) as of the end of December, based on its latest annual accounts. It had more than 28 billion pounds of assets on its balance sheet and reported a profit before tax of 132.6 million pounds for 2022. Later that year, Co-op Bank made an offer for domestic rival TSB Group, which was rejected by Spanish parent Banco Sabadell (SABE.MC).

LAS VEGAS, March 28 (Reuters) - Mid-sized U.S. lenders are getting creative as they try to hang onto customer deposits after two bank failures rattled consumers and spurred a $119 billion exodus from small institutions in recent weeks. Industry executives discussed strategies to bolster trust in their institutions at an annual meeting of the Consumer Bankers Association conference on Monday in Las Vegas. Paying higher rates on deposits is the most common way to make them stick, executives said. Despite the recent flight in deposits to large banks, one banker at a mid-sized bank said they were confident the lender could survive the recent exodus. Reporting by Tatiana Bautzer and Nupur Anand in Las Vegas; Editing by Lananh Nguyen and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse rescue creates bank twice the size of Switzerland's economy
▼ + stars: | 2023-03-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

London CNN —The last-minute rescue of Credit Suisse may have prevented the current banking crisis from exploding, but it’s a raw deal for Switzerland. An aerial view of the headquarters of Credit Suisse, center, and UBS, left, at Paradeplatz in Zurich, Switzerland on Sunday, 19 March, 2023. Credit Suisse is “part of Switzerland’s identity,” said Hans Gersbach, a professor of macroeconomics at ETH university in Zurich. “The Credit Suisse Swiss bank is a fine asset that we are very determined to keep,” Kelleher said Sunday. Integration is difficultAt $3.25 billion, UBS got Credit Suisse for 60% less than the bank was worth when markets closed two days prior.

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