By Anna Cooban, CNN Hats, bags and gold bars emblazoned with Credit Suisse’s logo are being sold on resale sites, having popped up mere hours after the 167-year-old bank was saved from collapse by rival UBS. The emergency takeover brokered by the Swiss government will mean the end of a bank that began life in
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By Mark Thompson, CNN Switzerland’s biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month. “UBS today announced the takeover of Credit Suisse,” the Swiss National Bank said in a statement
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By Ramishah Maruf, CNN In the wake of failures at Silicon Valley Bank and Signature Bank and separate issues at Credit Suisse and First Republic, many Americans are asking the question: Is my money safe? Lloyd Blankfein, the former CEO of Goldman Sachs said the answer is not black and white on “Fareed Zakaria GPS”
Continue Reading By Ramishah Maruf, CNN In the wake of failures at Silicon Valley Bank and Signature Bank and separate issues at Credit Suisse and First Republic, many Americans are asking the question: Is my money safe? Lloyd Blankfein, the former CEO of Goldman Sachs said the answer is not black and white on “Fareed Zakaria GPS”
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By Samantha Murphy Kelly, CNN Business Google is opening up access to Bard, its new AI chatbot tool that directly competes with ChatGPT. Starting Tuesday, users can join a waitlist to gain access to Bard, which promises to help users outline and write essay drafts, plan a friend’s baby shower, and get lunch ideas based
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By Samantha Murphy Kelly, CNN In just a few months, you’ll be able to ask a virtual assistant to transcribe meeting notes during a work call, summarize long email threads to quickly draft suggested replies, quickly create a specific chart in Excel, and turn a Word document into a PowerPoint presentation in seconds. And that’s
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By Nicole Goodkind and Krystal Hur, CNN Global banks just suffered their worst week since 2008. So what comes next? The fallout from this month’s banking turmoil — the surprising bank runs and collapses of Silicon Valley Bank and Signature Bank — has been widespread. In its wake, the global banking system has been shaken.
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By Alicia Wallace, CNN As head of PAWS Atlanta, Joe Labriola can get a good sense of the region’s economic well-being from the day-to-day activity of the city’s oldest no-kill animal shelter. Through the course of the past year, it’s become increasingly clear to him that people in the area are struggling under the weight
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By Mark Thompson, CNN The fate of Credit Suisse could be decided in the next 24 hours after a torrid week for Switzerland’s second biggest bank. Local media reported that the Swiss cabinet had gathered for a crisis meeting at 5 p.m. local time (12 p.m. ET) Saturday to discuss the ailing bank’s future, as
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By Catherine Thorbecke and Brian Fung, CNN Nearly two-and-a-half years after the Trump administration threatened to ban TikTok in the United States if it didn’t divest from its Chinese owners, the Biden administration is now doing the same. TikTok acknowledged to CNN this week that federal officials are demanding the app’s Chinese owners sell their
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By Ramishah Maruf, CNN Wall Street can seem bewildering, given its sheer amount of jargon, banking terms, and acronyms. But headlines this week, from the collapse of Silicon Valley Bank to Credit Suisse’s takeover by UBS to instability at First Republic, have made the business of finance a national concern. So when you hear the
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By Nathaniel Meyersohn, CNN Eggs have gotten too expensive for Dollar Tree. Dollar Tree, which sells most products for $1.25 and a small selection of items for $3 or $5, will stop selling eggs at stores because the company can’t make money offering them at flat prices. Egg prices have surged, fueled by short supply
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By Laura He, CNN Nearly three years after the Trump administration threatened to ban TikTok if its Chinese owner didn’t sell the company to American investors, the video app is once again facing an existential threat. TikTok CEO Shou Zi Chew will appear later Thursday before US lawmakers, many of whom want the app banned
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By Brian Fung, CNN The US government has launched a criminal investigation into TikTok’s parent company, ByteDance, over improper access to the personal information of several US citizens, according to Forbes and The New York Times. News of the investigation, which reportedly involved a subpoena to ByteDance along with a number of interviews by the
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By Jennifer Korn Facebook and Instagram users in the United States will soon be able to pay to get a coveted blue check on their account. Meta on Friday began testing a paid verification option for US users of the two social networks, CEO Mark Zuckerberg announced on Instagram. The company plans to gradually roll
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Analyss by Allison Morrow, CNN It may seem surprising that First Republic, a midsize bank catering to wealthy clients in coastal states, became such a danger to the American banking system that the government had to cudgel the industry to stage an intervention. The reason has a lot to do with the high-net-worth people who
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By Brian Fung and Clare Duffy, CNN YouTube on Friday said it would restore former President Donald Trump’s channel, more than two years after suspending it following the January 6 attack on the US Capitol. The move follows similar actions by Twitter and Facebook-parent Meta in recent months, although Trump has yet to resume posting
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By Mark Thompson, CNN On March 10, the biggest failure of a US bank since the global financial crisis was playing out in real time as a major lender to the tech industry succumbed to a classic bank run. Silicon Valley Bank’s customers were frantically pulling their money from the California-based lender before US regulators
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By Allison Morrow, CNN In congressional testimony earlier this month, Fed Chairman Jerome Powell told lawmakers that the central bank would likely need to raise interest rates higher and possibly faster than previously expected. The message was clear: Buckle up, America — we are going to keep raising rates and get inflation down, come hell
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By Jordan Valinsky, CNN Business SVB Financial Group, the company that owned the failed Silicon Valley Bank until the US government took it over last week, has filed for Chapter 11 bankruptcy protection. Silicon Valley Bank was not included in the bankruptcy filing in New York on Friday. Also not included in the Chapter 11
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