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☆ SVB's former parent may need new funding after $2bln cash seizure
▼ + stars: | 2023-04-26 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

The FDIC has also not fully explained why the cash was seized, Bromley said. FDIC's attorney, Derek Baker, told Glenn that SVB Financial's bank accounts were properly seized as part of FDIC's takeover of the failed bank. The cash is being held as a set-off against the regulator's costs in stepping in to protect SVB customer deposits, and FDIC is working to provide more detail about its claims against SVB Financial, Baker said. Glenn said he needed more information about the FDIC's authority to seize cash and how disputes related to the seizure should be resolved. SVB Financial is also still waiting for the full return of financial records that were seized as part of the bank takeover.

☆ SVB's former parent may need new funding after $2 billion cash seizure
▼ + stars: | 2023-04-26 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Silicon Valley Bank's former owner may need to take out a bankruptcy loan amid uncertainty about the U.S. Federal Deposit Insurance Company's seizure of $2 billion in cash from the company, its attorney said Wednesday. The FDIC has also not fully explained why the cash was seized, Bromley said. FDIC's attorney, Derek Baker, told Glenn that SVB Financial's bank accounts were properly seized as part of FDIC's takeover of the failed bank. Glenn said he needed more information about the FDIC's authority to seize cash and how disputes related to the seizure should be resolved. SVB Financial is also still waiting for the full return of financial records that were seized as part of the bank takeover.

☆ SVB CEO, CFO resign, company appoints turnaround expert as interim finance head
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - SVB Financial Group's CEO and chief financial officer resigned this week while the collapsed lender's restructuring committee appointed a turnaround expert as interim CFO, according to a regulatory filing on Friday. CEO Gregory Becker resigned on April 19, while finance chief Daniel Beck left the company on April 18, SVB said. The two top executives were sued in March by shareholders who accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit "particularly susceptible" to a bank run. The restructuring committee appointed Nicholas Grossi of A&M as the company's interim chief financial officer on April 20, according to the filing. The regulators then agreed to backstop a deal for regional lender First Citizens BancShares (FCNCA.O) to acquire Silicon Valley Bank.

☆ SVB says CEO, CFO resigned this week
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - SVB Financial Group CEO Gregory Becker and financial chief Daniel Beck resigned this week, the collapsed lender said in a regulatory filing on Friday. Becker resigned on April 19, while Beck left the company on April 18, SVB said. The two top executives were sued in March by shareholders who accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit "particularly susceptible" to a bank run. The restructuring committee appointed Nicholas Grossi of A&M as the company's interim chief financial officer on April 20, according to the filing. The regulators then agreed to backstop a deal for regional lender First Citizens BancShares (FCNCA.O) to acquire Silicon Valley Bank.

☆ Deposit flight at U.S. regional banks blights interest income gains
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

The flight of deposits at Fifth Third Bancorp (FITB.O), Comerica (CMA.N), Truist Financial Corp (TFC.N) and KeyCorp (KEY.N) dampened gains that the lenders made in their interest income benefiting from the U.S. Federal Reserve's aggressive monetary policy tightening through the past year. Only, Huntington Bancshares Inc (HBAN.O), among banks reporting on Thursday, managed to grow average total deposits by $472 million from the prior quarter. In the aftermath, the KBW Regional Banking Index (.KRX) has tumbled 19.4% this year, through previous close. Clients are expected to continue the shift toward other assets that bring in higher returns unless the banks increase returns, analysts have said. Citizens Financial (CFG.N) on Wednesday cut its forecast for net interest income, expecting an increase in the rate it pays out for deposits to clients.

☆ Morning Bid: Oil price relapse
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +4 min

Although oil prices have not yet reversed all their gains from OPEC move, Brent is down more than 5% over the past week and the year-on-year deflation in oil prices is running at 24%. And there's also signs oil loading from Russia's western ports this month is rising to the highest since 2019 -= despite Moscow's pledge to cut output. Tesla (TSLA.O) shares dropped 2% after the electric-vehicle maker's sixth U.S. price cut this year. Helped by the oil price retreat, 2-year U.S. Treasury yields fell back almost 10 basis points to 4.19%. VIX and bear marketsShare price performance, earnings and sales for TeslaReuters GraphicsReuters GraphicsBy Mike Dolan, <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

☆ Huntington Bank CEO on strong Q1 earnings
▼ + stars: | 2023-04-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHuntington Bank CEO on strong Q1 earningsHuntington Bancshares CEO Steve Steinour joins 'Power Lunch' to discuss how Huntington Bank's business is doing, the company's loan growth, and more.

☆ Earnings from Club consumer, health and bank stocks will be our main focus in the week ahead
▼ + stars: | 2023-04-15 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Corporate earnings won't have to share the spotlight with major inflation data in the week ahead as they did during this past week's up-and-down market. From Morgan Stanley, we suspect Friday's bank earnings foreshadow a good release. This past week, we spoke about the importance of listening to what industry players aside from those you're invested in as a way to analyze the competitive landscape. Here are some of those other earnings reports and the economic numbers out in the week ahead. Club trades of the week We made just one trade this past week, in a market that was overbought , purchasing 25 shares of Palo Alto Networks (PANW).

☆ Next week's stock market moves hinge on the longer-term outlook for earnings
▼ + stars: | 2023-04-14 | by ( Scott Schnipper | ) www.cnbc.com time to read: +7 min

Next week's market action could be dictated by how well the latest quarterly reports from corporate America are received. Expectations about the immediate earnings outlook have been down for so long, the actual numbers themselves could look like up to investors. Earnings for all financials in the S & P 500 are actually expected to expand in the first quarter by 4.3%. ET: NAHB Housing Market Index (April) Earnings: Charles Schwab, M & T Bank, State Street, J.B. Hunt Transport Tuesday 8:30 a.m. ET: Philadelphia Fed President Patrick Harker speaks on the economic outlook Earnings: AT & T, American Express, D.R.

☆ First Citizens Won the SVB Auction. Can It Win Over SVB’s VC and Startup Clients?
▼ + stars: | 2023-04-12 | by ( Marc Vartabedian | ) www.wsj.com time to read: 1 min

While First Citizens Bancshares Inc. may not have the record of Silicon Valley Bank in serving the startup ecosystem, venture capitalists and entrepreneurs who are familiar with the Raleigh, N.C.-based bank say its emphasis on customer relations fits well with SVB’s flexible approach to serving clients. Venture and startup players had wondered about the fate of SVB since the Federal Deposit Insurance Corp. took ownership of it in March and put it up for auction. First Citizens has since taken on most of the assets and liabilities...

☆ Jim Cramer's top 10 things to watch in the stock market Wednesday
▼ + stars: | 2023-04-12 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Deutsche Bank named industrial Club holding Honeywell (HON) a short-term investment idea, citing its "highly attractive portfolio at this point in the cycle." The firm maintained an overweight rating on JNJ stock and a price target of $195 per share. Susquehanna maintained a positive rating on the stock and price target of $260 per share. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ Stocks making the biggest moves midday: Nvidia, Palantir, Western Alliance, Johnson & Johnson and more
▼ + stars: | 2023-04-05 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

The Western Alliance Bancorporation logo is seen in this photo illustration on 13 March, 2023 in Warsaw, Poland. This development would give U.S. government customers and industry partners access to enterprise-grade capabilities by Palantir and Microsoft. Western Alliance also said it has enough liquidity to cover the remaining uninsured deposits. Johnson & Johnson — Shares rose about 3%. Conagra Brands — The packaged goods food company rose 3% after topping Wall Street's expectations on the top and bottom lines for the recent quarter, according to FactSet.

First Citizens Bancshares ' acquisition of Silicon Valley Bank should result in a higher-quality earnings stream, according to UBS. Analyst Brody Preston double upgraded shares to buy from sell. The U.S. Federal Deposit Insurance Corporation announced March 27 that First Citizens would buy Silicon Valley Bank's deposits and loans less than three weeks after the collapse of the venture-capital focused bank . "We view the balance sheet as more well positioned to handle a recession going forward given the low loss nature of the SIVB loan portfolio, which should result in a higher quality earnings stream," Preston wrote in a Wednesday note. FCNCA YTD mountain First Citizens Bancshares stock —CNBC's Michael Bloom contributed to this report.

☆ BMO's chief strategist says you have to 'sift through the rubble' in the banking sector. Here are the smaller names he likes
▼ + stars: | 2023-04-05 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

First Citizens BancShares and Glacier Bancorp are smart smaller bank stocks to own as investors re-examine the pummeled financial sector, according to Brian Belski, chief investment strategist at BMO Harris. "Unfortunately, you have to kind of sift through the rubble to find ... the best names," he said on CNBC's " Halftime Report ." That's despite the fact that small- and mid-size banks will likely see massive consolidation more broadly, Belski added. Three out of the five analysts with ratings on First Citizens say the stock is worth buying, according to Refinitiv. But after its recent drop, the average analyst expects the stock to rally almost 25% in the next year.

☆ Here are Wednesday's top analyst calls of the day: Disney, Apple, Amazon, Dutch Bros, Meta & more
▼ + stars: | 2023-04-05 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Wednesday's biggest calls on Wall Street: Bank of America reiterates Disney as buy Bank of America said Disney remains "best-in-class." Piper Sandler reiterates Apple as overweight Piper said its survey checks show Apple is still a top pick for teens. Bank of America upgrades Livent to buy from neutral Bank of America said the lithium company's "value proposition" has increased. " Wedbush upgrades Dutch Bros to outperform from neutral Wedbush upgraded the coffee chain and said it sees more upside. Bank of America reiterates Apple as buy Bank of America raised its price target on Apple to $168 per share from $158 and said it sees iPhone trends stabilizing.

☆ FDIC exercises rights in First Citizens, New York Community Bank stocks
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - Regulator Federal Deposit Insurance Corporation (FDIC) exercised its equity rights in First Citizens BancShares Inc (FCNCA.O) and New York Community Bancorp Inc (NYCB.N) as part of the deals to rescue failed lenders Silicon Valley Bank and Signature Bank. A spokesperson for the regulator confirmed FDIC also exercised its option to acquire shares of New York Community Bancorp. U.S. regulators said on Monday they would backstop the deal for First Citizens to buy Silicon Valley Bank, triggering an estimated $20 billion hit to a government-run insurance fund. First Citizens did not pay cash upfront for the Silicon Valley Bank deal. New York Community Bank entered into an agreement with regulators to buy deposits and loans from New York-based Signature Bank earlier this month.

[1/3] FDIC representatives Luis Mayorga and Igor Fayermark speak with customers outside of the Silicon Valley Bank headquarters in Santa Clara, California, U.S. March 13, 2023. REUTERS/Brittany Hosea-SmallNEW YORK/WASHINGTON, March 31 (Reuters) - The Federal Deposit Insurance Corporation (FDIC) has retained advisers to sell the securities portfolios that the new owners of failed Silicon Valley Bank and Signature Bank rejected, according to people familiar with the matter. Silicon Valley Bank's and Signature Bank's securities portfolios carry a face value of around $90 billion and $26 billion, respectively, according to regulatory filings and statements by government officials. The FDIC estimates the sale of Silicon Valley Bank and Signature Bank will cost the deposit fund $20 billion and $2.5 billion, respectively. It will release final figures once sales of the loan books of the banks and their securities portfolios are complete.

☆ First Citizens Bank, the buyer of SVB's assets, is run by a billionaire North Carolina family that's bought over 20 failed banks since 2008
▼ + stars: | 2023-03-30 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

First Citizens Bank, the company that bought the assets of SVB, is run by a family with a wealth of experience buying failed banks. Forbes looked at the billionaire family that's guided First Citizens' purchase of more than 20 small banks since 2008. First Citizens will be among the largest 20 banks in the US with the SVB deal. Its purchases of failed banks include First Regional Bank and Temecula Valley Bank in California and Denver-based United Western Bank. Its assets jumped from $109 billion just before the SVB deal and have increased from $16.7 billion at the end of 2008.

☆ Gold prices dip as bank angst recedes
▼ + stars: | 2023-03-30 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold down for second sessionGold could decline to $1,920/oz - analystVolumes in SPDR Gold Shares highest since OctMarch 30 (Reuters) - Gold prices edged lower on Thursday as easing concerns about the global banking system fed risk appetite and curbed some safe-haven bullion bids. Spot gold was down 0.2% at $1,960.52 per ounce, as of 0346 GMT, falling for a second session. Volumes in SPDR Gold Shares, the largest gold-backed ETF, have surged to their highest level since October," they said. The opportunity cost of holding non-yielding gold rises when interest rates are increased to bring down inflation. Markets see a 43.2% chance of the Fed raising interest rates by 25 basis points in May, according to the CME FedWatch tool.

☆ Premarket stocks: Banking chaos has been bittersweet for crypto and wine
▼ + stars: | 2023-03-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But it also gave the fine wine and crypto industry a big boost as panicking investors rushed out of the financial sector and into alternative assets. Bittersweet banking: SVB lent over $4 billion to winery clients since 1994, with over 400 wine industry clients (including wineries, vineyards and vendors) working with the bank’s premium wine division, according to the bank’s website. Recent SEC filings, meanwhile, indicated SVB had about $1.2 billion in outstanding loans to high-end wine clients when the bank collapsed. Circle, the company behind popular stablecoin USDC, said it had about $3.3 billion of its $40 billion in reserves at SVB. The collapse of Signature Bank, a major crypto lender, also had serious implications for the industry.

☆ Wall Street jumps with rosy outlooks from companies
▼ + stars: | 2023-03-29 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Micron (MU.O) shares shot up 7.2%, boosting the Nasdaq and S&P 500, and leading gains in the PHLX semiconductor index (.SOX), which closed 3.3% higher. Lululemon surges after strong reoprtThe bulk of S&P 500 companies begin reporting on the first quarter in mid-April. On Monday, regional U.S. lender First Citizens BancShares scooped up the assets of Silicon Valley Bank. Michael Barr, Fed Vice Chair for Supervision, told Congress the scope of blame for Silicon Valley Bank's failure stretches across bank executives. The S&P 500 posted 9 new 52-week highs and no new lows; the Nasdaq Composite recorded 69 new highs and 135 new lows.

☆ Dollar rebounds as banking fears fade; yen falls on quarter-end flows
▼ + stars: | 2023-03-29 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

NEW YORK, March 29 (Reuters) - The dollar rose against most major peers on Wednesday, reversing some of its recent declines, and gained sharply against the yen, which was volatile as the end of the Japanese fiscal year approaches. Improving risk sentiment and investor hopes that central banks can once again turn their attention toward fighting inflation was helping support the dollar, Given said. The dollar rose to a one-week high against the yen, which remained volatile in the run-up to the end of the Japanese fiscal year on Friday. "A decent amount of USD/JPY flow today is end of quarter related," Monex USA's Given said. The dollar was 1.37% higher at 132.71 yen .

REUTERS/Kevin LamarqueMarch 29 (Reuters) - The scope of blame for Silicon Valley Bank's failure stretches across bank executives, Federal Reserve supervisors and other regulators, the banking system's top cop on Wednesday told U.S. lawmakers demanding answers for the lender's swift collapse. "I think that any time you have a bank failure like this, bank management clearly failed, supervisors failed and our regulatory system failed," Michael Barr, Fed Vice Chair for Supervision, told Congress. 'SOME REAL FLAWS'Barr told the House Financial Services Committee that he first became aware of stress at Silicon Valley Bank on the afternoon of March 9, but that the bank reported to supervisors that morning that deposits were stable. The Fed was in discussions with Silicon Valley Bank the day before its collapse to move pledgable collateral to the discount window, a key facility long associated with providing emergency loans to banks, Barr said on Wednesday. "(Fed) staff were working with Silicon Valley Bank basically all afternoon and evening and through the morning the next day to pledge as much collateral as humanly possible to the discount (window) on Friday," Barr said.

March 29 (Reuters) - The Federal Reserve was in discussions with Silicon Valley Bank the day before its collapse to move pledgable collateral to the discount window, a key facility long associated with providing emergency loans to banks, the Fed's head of banking supervision told a Congressional committee on Wednesday. Fed Vice Chairman for Supervision Michael Barr said he first became aware of stress at Silicon Valley Bank on the afternoon of March 9, but that the bank reported to supervisors that morning that deposits were stable. "(Fed) staff were working with Silicon Valley Bank basically all afternoon and evening and through the morning the next day to pledge as much collateral as humanly possible to the discount (window) on Friday," Barr said to the House Financial Services Committee. Barr told the Senate Banking Committee he first became aware of the interest rate risk issues at SVB in mid-February, while Fed supervisors had been raising issues with the bank directly in months prior to that. Some Democrats have also argued a 2018 bank deregulation law is to blame.

☆ Dollar firmer as banking fears fade; yen sinks on quarter-end flows
▼ + stars: | 2023-03-29 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

"The dollar is trading mixed today with a bit of upside as global risk sentiment improves and central banks can turn their attention back toward inflation," Given said. The dollar rose to a one-week high against the yen , which remained volatile in the run-up to the end of the Japanese fiscal year on Friday. "A decent amount of USD/JPY flow today is end of quarter related," Monex USA's Given said. "Traders are concerned with real money outcomes at the moment, but as global risk sentiment continues to improve, JPY as a traditional haven looks less appealing," she said. The dollar was 1.03% higher at 132.275 yen.

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