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☆ Banks are in limbo without a crucial lifeline. Here's where cracks may appear next
▼ + stars: | 2024-03-19 | by ( Hugh Son | ) www.cnbc.com time to read: +8 min

Most of the banks deemed to be potentially challenged are community lenders with less than $10 billion in assets. These banks need to either raise capital, likely from private equity sources as NYCB did, or merge with stronger banks, Graham said. There are other signs of mounting stress among smaller banks. They ranged in size from $90 billion in assets to under $1 billion, according to Fitch. He predicts a surge in merger activity from lenders between $3 billion and $20 billion in assets as smaller firms look to scale up.

Persons: Klaros, Steven Mnuchin, Brian Graham, Graham, you've, PacWest, Banks, Jerome Powell, Powell, Fitch, Brendan Mcdermid, I've, Chris Caulfield, West, Spencer Stuart, You've, Frank Sorrentino, Stephens, It's, that's, Sorrentino Organizations: Silicon Valley Bank, Federal Reserve, Klaros Group, York Community Bank, ex, Fitch, Federal Deposit Insurance Corporation, Traders, New York Stock Exchange, Reuters, U.S, First Republic, Mercer Capital, Bank, Dominion Bank, Capital, Regulators Locations: Silicon, California, New York City, U.S, Toronto, West Monroe, FirstSun, Seattle

☆ Why private equity has been involved in every recent bank deal
▼ + stars: | 2024-03-06 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Greg Nash | ReutersThe $1 billion-plus injection that New York Community Bank announced Wednesday is the latest example of private equity players coming to the need of a wounded American lender. Led by $450 million from ex-Treasury Secretary Steven Mnuchin's Liberty Strategic Capital, a group of private investors are plowing fresh funds into NYCB. That happened to Silicon Valley Bank, whose failure to raise funding last year was effectively its death knell. On Wednesday, headlines around noon that NYCB was seeking capital sent its shares down by 42% before trading was halted. "With private deals, you can talk for a while, and we almost got to the finish line before there was any publicity."

Persons: Jerome Powell, Steven Mnuchin, Greg Nash, Steven Mnuchin's, Warburg Pincus, HomeStreet, Steven Kelly, NYCB Organizations: Financial, Treasury, Reuters, York Community Bank, Strategic Capital, Centerbridge Partners, FirstSun, Wellington Management, Yale Program, Silicon Valley Bank Locations: Rayburn, Washington , U.S, NYCB, PacWest, Banc, California, it's, Silicon

☆ Lenders are bailing out of commercial real estate as a wave of debt builds
▼ + stars: | 2024-01-30 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +10 min

Roughly $2.1 trillion of debt connected to commercial real estate assets, including office properties, apartment buildings, hotels, and retail spaces, will come due between now and the end of 2025 in the US, according to the real estate services firm JLL. The wave of maturities and the enormous equity shortfalls have raised concerns that a growing number of commercial real estate debts will fall into distress, forcing banks and other lenders to suffer losses. His group tracked about $15 billion of commercial property debt sales during the year, roughly three times the volume from 2022. Commercial real estate loans differ from residential mortgages taken by homeowners in that most are interest-only or pay down their principal balance minimally and span a decade or less. More banks are exploring loan salesBanks and other lenders generally aren't eager to seize the real estate assets that collateralize their debt.

Persons: Jerry, Stephen Scouten, Piper Sandler, it's, Kevin Aussef, Aussef, David Tobin, Marcus, Millichap, Synovus, Tobin, David Frosh, they're, Frosh, Fitch, David Blumberg, we'd, Blumberg, Daniel Geiger, Rob Verrone, Banks, You've, Bliss Morris, Morris Organizations: Amerant Bank, Business, Banking, CIBC, Mission, PacWest, HSBC, Fidelity, Funding Inc, Blackstone, Bloomberg, Broadway, Aon Center, 601W Companies, Iron Hound Management, First Financial Locations: Coral Gables , Florida, Houston, Canadian, Brookfield, Los Angeles, Columbus, Manhattan, Midland, Chicago, Oklahoma City, New York

☆ Goldman Sachs warns of hit to third-quarter earnings on deal to offload GreenSky
▼ + stars: | 2023-10-11 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

David Solomon, CEO of Goldman Sachs, during a Bloomberg Television at the Goldman Sachs Financial Services Conference in New York on Dec. 6, 2022. Goldman Sachs said Wednesday that it agreed to sell its fintech lending platform GreenSky to a group of investors led by private equity firm Sixth Street. The move is the latest step CEO David Solomon has taken to retrench from his ill-fated push into retail banking. Goldman also sold a wealth management business and was reportedly in talks to offload its Apple Card operations. Read more: Goldman Sachs faces big write down on CEO David Solomon’s ill-fated GreenSky deal

Persons: David Solomon, Goldman Sachs, Goldman, retrench, GreenSky, Solomon, Read, David Solomon’s Organizations: Bloomberg Television, Goldman Sachs Financial Services, Sixth, Apple Card, KKR, Bayview Asset Management Locations: New York, Banc, California

☆ Cramer's Lightning Round: Stay away from PacWest Bancorp
▼ + stars: | 2023-10-02 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Energy Transfer's year-to-date stock performance. Stock Chart Icon Stock chart icon Perrigo's year-to-date stock performance. Stock Chart Icon Stock chart icon Robinhood's year-to-date stock performance. Stock Chart Icon Stock chart icon Palantir's year-to-date stock performance. Stock Chart Icon Stock chart icon PacWest Bancorp's year-to-date stock performance.

Persons: PacWest, Kratos, Jim Cramer's Organizations: Energy, Costco

☆ Lightning Round: Palantir actually lived up to its hype, says Jim Cramer
▼ + stars: | 2023-10-02 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: Palantir actually lived up to its hype, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stocks including: Energy Transfer, Perrigo, Robinhood, Palantir, PacWest and more.

Persons: Palantir, Jim Cramer

☆ Why stock investors are suddenly so scared
▼ + stars: | 2023-08-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

That means that if China’s economy slows down, global economic growth slows down. “When global economic growth slows down, that tends to be negative US equities. But a string of strong economic data has challenged those notions. Russia’s invasion of Ukraine continues to stoke fears of rising commodity prices, global economic instability and uncertainty around security. It’s been chock full of economic data and big corporate reports.

Persons: That’s, Lehman, ”, Alex Etra, Bond, Jamie Dimon, JPMorgan Chase, hasn’t, Banks, Michael Burry, Fitch, It’s Organizations: New, New York CNN, Nasdaq, Dow, CNN, country’s National Bureau of Statistics, Apple, Intel, Starbucks, Nike, Federal, Federal Reserve, Atlanta Fed, JPMorgan, CNBC, First Republic Bank, Huntington Bank, PacWest, Western Alliance, Bank Locations: New York, China, Ukraine, Beijing, stoke, Huntington

☆ What do ‘Big Short’ Michael Burry and Warren Buffett know that we don’t?
▼ + stars: | 2023-08-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Michael Burry, the “Big Short” investor who became famous for correctly predicting the epic collapse of the housing market in 2008, also made a gigantic bet last quarter on a Wall Street crash. Bank of America released its August global fund manager survey on Tuesday and found that money managers are feeling the least pessimistic about markets since February 2022. So what do Buffett and Burry know that the rest of us don’t? Russia and Ukraine: Global inflation is finally coming down, but heightened geopolitical tensions threaten to raise food and oil prices across the globe. Russia’s invasion of Ukraine continues to stoke fears of increased commodity prices, global economic instability and uncertainty around security.

Persons: Warren, Berkshire Hathaway, That’s, Michael Burry, Buffett, Jamie Dimon, JPMorgan Chase, hasn’t, Fitch, ”, Gregory Daco, Catherine Thorbecke, Catherine Organizations: CNN Business, Bell, New York CNN, Nasdaq, Federal Reserve, Securities, Exchange, Scion Asset Management, Bank of America, Traders, National Bureau of Statistics, JPMorgan, CNBC, Bank, First Republic Bank, Huntington Bank, PacWest, Western Alliance, Commerce Department Locations: New York, China, Ukraine, Russia, stoke, Huntington, Lahaina , Hawaii, Lahaina, Las Vegas, Maui

☆ Michael Burry, of ‘Big Short’ fame, just bet $1.6 billion on a stock market crash
▼ + stars: | 2023-08-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

New York CNN —Michael Burry, the “Big Short” investor who became famous for correctly predicting the epic collapse of the housing market in 2008, has bet more than $1.6 billion on a Wall Street crash. Burry is making his bearish bets against the S&P 500 and Nasdaq 100, according to Security Exchange Commission filings released Monday. Burry is using more than 90% of his portfolio to bet on a market downturn, according to the filings. The S&P 500 and Nasdaq 100 have both notched big gains so far this year. While one big payoff doesn’t guarantee future returns, Burry does have a strong investment record.

Persons: New York CNN — Michael Burry, Burry, bearish, “, ”, Michael Lewis, Christian Bale, JPMorgan Chase, Michael Burry’s, Scion’s Organizations: New, New York CNN, Nasdaq, Security Exchange, Scion Asset Management, First Republic Bank, Huntington Bank, Western Alliance, JPMorgan, JD.com, Scion, Expedia, MGM Resorts, MGM, CVS, CNN, Warner Bros ., Traders Locations: New York, China, Huntington

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The Commerce Department's report showed retail sales grew 0.7% last month against expectations of a 0.4% rise, suggesting the U.S. economy remains strong. "The retail sales number might indicate that the Fed would continue to raise rates." Home Depot (HD.N) added 1% after the home improvement chain posted a smaller-than-expected drop in quarterly same-store sales and topped profit estimates. Declining issues outnumbered advancers by a 5.29-to-1 ratio on the NYSE and a 2.90-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Wells, Fitch, jitters, Peter Andersen, JPMorgan Chase, Zions, Wells Fargo, Bilibili, Berkshire Hathaway, Warren Buffett's, Horton, Amruta Khandekar, Shristi, Shashwat Chauhan, Maju Samuel, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Nvidia, UBS, Wells Fargo, PT U.S, Dow, Nasdaq, U.S, Commerce, Andersen Capital Management, Fed, Federal Reserve, JPMorgan, Bank of America, PacWest Bancorp, Western Alliance Bank, Federal Deposit Insurance, Treasury, Alibaba, Dow Jones, General Motors, Berkshire, Warren, Lennar Corp, NYSE, Thomson Locations: New York City, U.S, Boston, China, Beijing, Warren Buffett's Berkshire, homebuilder D.R

☆ U.S. bank stocks fall on Fitch downgrade warning, tougher oversight worries
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

A person waits on the Wall Street subway platform in the Financial District of Manhattan, New York City, U.S., August 20, 2021. The warning followed rival Moody's downgrading 10 mid-sized lenders earlier this month, citing funding risks and weaker profitability. Among the mid-sized lenders, Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O) fell 8.4% and 1.6%, respectively. The S&P 500 banks index (.SPXBK) was down 2.1%, hitting its lowest in a month. Separately, Discover Financial Services (DFS.N) shares fell 8.3% to $94.10, a day after its CEO stepped down.

Persons: Andrew Kelly, Banks, Wells, JPMorgan Chase, Goldman, Morgan Stanley, MS.N, Michael Burry's, Niket, Arun Koyyur Organizations: Financial, of, REUTERS, CNBC, Federal Deposit Insurance Corp, Bank of America, JPMorgan, Goldman Sachs, Citigroup, Western Alliance Bancorp, PacWest Bancorp, Michael Burry's Scion Asset Management, Comerica, Discover Financial Services, Thomson Locations: of Manhattan , New York City, U.S, Bengaluru

REUTERS/Adrees LatifNEW YORK, Aug 14 (Reuters) - Michael Burry, the money manager made famous in the book and film "The Big Short," held bearish options against the broad S&P 500 and Nasdaq 100 Index at the end of the second quarter, according to securities fillings released on Monday. Put options convey the right to sell shares at a fixed price in the future and are typically bought to express a bearish or defensive view. Michael Lewis' nonfiction book "The Big Short" was released in 2010 and the movie version came out in 2015. The S&P 500 (.SPX) is up roughly 17% for the year to date while the Nasdaq 100 (.IXIC) is up nearly 39% over the same period. Burry, who frequently turns over his portfolio, drew wide attention last August when he dumped all of his long positions and bought a stake in prison company Geo Group Inc (GEO.N).

Persons: Adrees Latif, Michael Burry, Michael Lewis, David Randall, Saqib Iqbal Ahmed, Ira Iosebashvili, Matthew Lewis Organizations: Nasdaq, REUTERS, YORK, Scion Asset Management, U.S, Nvidia, HK, Alibaba Group Holdings, Western Alliance Bancorp, First Republic Bank, RealReal Inc, Warner Bros ., Warner Brothers, Scion, Management, Geo Group Inc, Thomson Locations: Square, Midtown New York, New York

☆ Cramer's Lightning Round: Verizon is 'going nowhere'
▼ + stars: | 2023-08-01 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Verizon's year-to-date stock performance. Stock Chart Icon Stock chart icon Pacwest Bancorp's year-to-date stock performance. Stock Chart Icon Stock chart icon U-Haul's year-to-date stock performance. Stock Chart Icon Stock chart icon BP's year-to-date stock performance. Stock Chart Icon Stock chart icon Evolv's year-to-date stock performance.

Persons: Pacwest, it's, You've Organizations: Verizon, Pacwest Bancorp

☆ Lightning Round: Verizon has lost its way, says Jim Cramer
▼ + stars: | 2023-08-01 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: Verizon has lost its way, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stocks including: Verizon, PacWest, Paccar, U-Haul, BP and Evolv.

Persons: Jim Cramer Organizations: Verizon

☆ Middle-income Americans think prosperity is within reach
▼ + stars: | 2023-07-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Santander recently released a quarterly survey of about 2,250 middle-income bank and financial services customers (defined as having household incomes between $47,000 and $142,000.) Illegal child labor is on the rise in a tight job marketUS child labor violations have jumped in recent years. Now, the Department of Labor has announced actions it’s taken so far this year through a new interagency task force on child labor. Between October 1, 2022, and July 20, 2023, the Department of Labor concluded 765 child labor cases, found 4,474 children employed in violation of federal child labor laws and assessed more than $6.6 million in penalties against employers, the agency announced on Thursday. In addition, the Wage and Hour Division of the Labor Department is currently pursuing more than 700 open child labor cases.

Persons: New York CNN —, Tim Wennes, “, ”, Bell, they’re, they’ll, they’ve, That’s, We’re, we’ve, BlackRock, Tupperware, it’s, Labor Julie Su, Jordan Barab, Obama, Barab Organizations: CNN Business, Bell, New York CNN, Federal, Heartland Tri, State Bank of, Federal Deposit Insurance Corporation, First Bank, Spain’s Santander, SC, Santander, New York Stock Exchange, GameStop, AMC, Libra Investment, Department of Labor, Labor, Occupational Safety, Health Administration, Labor Department Locations: New York, PacWest, Banc, California, State Bank of Elkhart , Kansas, America, United States, Santander, Florida, noncompliance, Tupperware

NEW YORK, July 27 (Reuters) - Bank of America CEO Brian Moynihan said U.S. authorities need to be careful when implementing new capital requirements of the Basel III accord to avoid reducing the ability of U.S. banks to compete globally. ... We're talking about a $30 or $40 billion bank, or a $100 billion bank, not being able to compete for a middle market loan because a bank or a supplier in Europe ... is getting a lower cost of capital", Moynihan added. U.S. banking regulators are expected to unveil on Thursday a sweeping proposal for stricter bank capital requirements. While the precise details aren't yet known, regulators have said the rules will apply to banks with $100 billion in assets or more. Bank of America expects a "slight" recession in the first part of next year and predicts the first interest rate cut will happen by mid-2024.

Persons: Brian Moynihan, Moynihan, JPMorgan, Jonathan Stempel, Tatiana Bautzer, David Goodman, Chizu Organizations: YORK, Bank of America, Basel III, Fox Business, Pacwest Bancorp, JPMorgan Chase, Thomson Locations: Basel, U.S, Europe, Banc, California

☆ How you could be impacted by higher bank capital requirements
▼ + stars: | 2023-07-27 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

Their risk-level assessments have been the basis for informing how much capital they need to hold on top of baseline requirements. Silicon Valley Bank accumulated a lot of paper losses, or unrealized losses, from holding bonds while the Fed hiked interest rates. But it did not need to hold capital to protect depositors from those losses. Some also expressed concerns that banks would pass on their higher capital costs to consumers in the form of higher fees to maintain their profit levels. However, UBS, Citizens Bank and Capital One will have to hold more capital.

Persons: wouldn’t, ”, Banks, aren’t, Steven Kelly, won’t, SVB, Jonathan McKernan, Michelle Bowman, Kelly, ” Kelly, JPMorgan Chase, Morgan Stanley Organizations: New, New York CNN, Federal Reserve, Federal Deposit Insurance Corporation, Huntington Bank, Silicon Valley Bank, Signature Bank, Valley Bank, FDIC, ”, Manufacturers, JPMorgan, JPMorgan Chase, Bank of America, UBS, Citizens Bank, Capital, Nasdaq Locations: New York, Basel, Banc, California, Silicon

☆ PacWest, Banc of California Merge to Get Smaller. Others May Follow.
▼ + stars: | 2023-07-26 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/california-banks-merge-to-get-smaller-creating-a-template-for-others-b6815581

Persons: Dow Jones, b6815581 Locations: california

It will be based in Los Angeles and led by Banc of California CEO Jared Wolff. Shares of PacWest surged 34% after the market close, while Banc of California jumped 9%. PacWest stockholders will receive 0.6569 Banc of California shares for each PacWest share they currently own. Meanwhile, the two private equity firms will be issued new Banc of California stock worth $400 million at a price of $12.30 per share. PacWest had total assets of $44 billion at the end of March, while Banc of California had assets of $10 billion, according to separate company filings.

Persons: Warburg Pincus, Centerbridge, Jared Wolff, PacWest, Timothy Coffey, Janney Montgomery Scott, Janet Yellen, Ares Management, Wolff, We've, David Smith, Nomura, Niket, Nupur Anand, David French, Pete Schroeder, Tatiana Bautzer, Megan Davies, Lananh Nguyen, Arun Koyyur, Jonathan Oatis, Sonali Paul Organizations: PacWest Bancorp, Warburg, Centerbridge Partners, midsize, RARE, Bank, Pacific Western Bank, Federal Deposit Insurance Corporation, Autonomous Research, U.S, Thomson Locations: Banc, California, Los Angeles, U.S, Bengaluru, New York

☆ The responsible investing boom is over. Can anything replace ESG?
▼ + stars: | 2023-07-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Environmental, social and corporate governance, or ESG, investing is on a downward spiral. But in 2022, the pace of inflows quickly eased as a confluence of political, geopolitical and market events severely damaged interest in ESG investing. ESG investing took off and became a buzzword — the “artificial intelligence of six years ago,” said Jenkins. Alphabet reported revenue of $74.6 billion, marking a 7% jump compared to last year and beating Wall Street’s estimates. Banc of California reported a much smaller decline in net income of $2.4 million last quarter.

Persons: ESG, Larry Fink, ”, Robert Jenkins, Jenkins, “, ” Jenkins, he’s, What’s, Clare Duffy, Catherine Thorbecke, Wall, ” Thomas Monteiro, —, Elisabeth Buchwald, Jared Wolff, Wolff, PacWest Organizations: CNN Business, Bell, New York CNN, BlackRock, CNN, Lipper, Pleiades Strategy, Google, Microsoft, Wall, Bancorp, Western Bank, Beverly, Santa, Bank Locations: New York, YOLO, Ukraine, Banc, California, Santa Ana, United States

☆ Stocks making the biggest moves premarket: Alphabet, Microsoft, PacWest, Snap and more
▼ + stars: | 2023-07-26 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Alphabet — The Google parent popped more than 6% after topping Wall Street's second-quarter earnings expectations, fueled by growth in its cloud-computing segment. Microsoft, however, did beat Wall Street's estimates, reporting earnings of $2.69 per share on $56.19 billion in revenue. Snap topped second-quarter expectations, reporting a narrower-than-expected loss of 2 cent a share on $1.07 billion in revenue. Wells Fargo also said that its board approved a previously announced dividend hike to 35 cents from 30 cents per share. The company topped earnings but fell short on revenue expectations, reporting adjusted earnings per share of 63 cents on $29.92 billion in revenue.

Persons: Ruth Porat, Refinitiv, Wells Fargo, popper, —, Sarah Min, Yun Li, Hakyung Kim, Jesse Pound Organizations: Google, Microsoft, Boeing, Texas, — Texas, Teladoc Health, Dish, Bloomberg News, Fisher, Pacific Locations: Mountain View , California, Banc, California

July 26 (Reuters) - PacWest Bancorp's (PACW.O) shares rose nearly 38% in premarket trading on Wednesday, a day after smaller rival Banc of California (BANC.N) agreed to buy the lender for $1.1 billion in an all-stock deal. Banc of California's shares jumped nearly 13% after the lender said it would pay 0.6569 share to PacWest stockholders for each share they own. PacWest stock was trading at $10.47, higher than the offer price of $9.60 per share, per calculations based on Banc of California's closing price on Tuesday. "The deal marks a structural transformation for BANC and accelerates its evolution, with a much improved profitability profile exiting 2024." Private equity firms Warburg Pincus and Centerbridge Partners have agreed to invest $400 million in Banc of California's buyout deal.

Persons: Raymond James, David Long, Long, Ares Management, PacWest, Omar Fahmy, Fahmy, Warburg Pincus, Niket Nishant, Manya, Shinjini Organizations: Reuters, PNC, Western Alliance, Warburg, Centerbridge Partners, Manya Saini, Thomson Locations: California, Banc, U.S, Los Angeles , California, Bengaluru

☆ Fed Meeting Today: Interest-Rate Hike Expected; Powell Speech This Afternoon
▼ + stars: | 2023-07-26 | by ( ) www.wsj.com time to read: +1 min

ET, and Federal Reserve Chair Jerome Powell is scheduled to hold a press conference at 2.30 p.m. (You'll be able to watch it live here .) The Fed is likely to raise its benchmark policy rate by 0.25 percentage point to a range of 5.25% to 5.5%, a 22-year high. Investors will watch for clues about whether this is the last hike of the cycle and when policy makers might start cutting rates. Traders expect that the Fed will signal more future tightening to tame inflation, which could crimp energy demand. The rise followed a wild late session yesterday fueled by news of a deal with Banc of California.

Persons: Jerome Powell, You'll, Stocks, Brent Organizations: Federal, Fed, Nasdaq, Dow, Treasury, Oil, Traders, Pacific, Boeing Locations: U.S, California

☆ Banc of California and PacWest Bancorp will merge into a new bank holding $36 billion in assets
▼ + stars: | 2023-07-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Banc of California and PacWest Bancorp shares surged after announcing an all-stock merger. The new bank will have $36 billion in assets and $30.5 billion in total deposits. Banc of California shares jumped 8.4% to $15.85 apiece in after-hours trade, extending gains from an 11% rise on Tuesday. The all-stock deal will result in a new bank with $36 billion in combined assets, Banc of California and PacWest announced on Tuesday. It will have $25.3 billion in total loans and $30.5 billion in total deposits.

Persons: PacWest, Jared Wolff, Warburg Pincus, Wolff, We've, Timothy Coffey, Janney Montgomery Scott Organizations: PacWest Bancorp, Morning, Warburg, Centerbridge, Reuters, Silicon Valley Bank, Signature Bank, JPMorgan, First Republic Bank, First Citizens Bank, New York Community Bancorp Locations: California, Banc, Silicon, Signature Bank , New York

☆ Stocks making the biggest midday moves: Microsoft, Alphabet, Boeing and more
▼ + stars: | 2023-07-26 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Microsoft — The Xbox owner saw its shares slide 3.7% after issuing quarterly revenue guidance that fell short of analysts' expectations. Microsoft did report earnings and revenue that beat Street estimates for the calendar second quarter, however. Alphabet — Shares of the Google parent rose 5.8% after Alphabet beat analysts' revenue and profit in the second quarter. Boeing's revenue of $19.75 billion topped analysts' estimates of $18.45 billion, according to Refinitiv. The company also reported an 82-cent-loss per share, while Refinitiv analysts had estimated a loss of 88 cents per share.

Persons: Refinitiv, Morgan Stanley, Lauren Schenk, Chubb, Spotify's, selloff, PacWest, Warburg Pincus Organizations: Microsoft, YouTube, Boeing, Texas, Texas Instruments, FactSet, Visa, Spotify, Deutsche Bank, Warburg, Centerbridge Locations: Banc, California

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