By Hanna Ziady, CNN Credit Suisse acknowledged “material weakness” in its financial reporting Tuesday as it scrapped bonuses for top executives in the wake of the bank’s worst annual performance since the global financial crisis. The embattled Swiss lender also said chairman Axel Lehmann had proposed to “voluntarily waive” a share award worth 1.5 million
Continue Reading By Jeanne Sahadi, CNN The gender pay gap is typically referred to in monetary terms, measuring how much women earn for every dollar a man earns. But that gap is also indirectly a marker of time, since women on average earn less and therefore have to work longer just to break even with men. How
Continue Reading By Matt Egan The shocking implosion of Silicon Valley Bank should not deter the Federal Reserve from its war on inflation, according to former FDIC and Fed official Thomas Hoenig. “The Federal Reserve is in the hot seat. It’s a no-win situation for them,” Hoenig, the former vice chair of the Federal Deposit Insurance Corporation,
Continue Reading By Matt Egan The shocking implosion of Silicon Valley Bank should not deter the Federal Reserve from its war on inflation, according to former FDIC and Fed official Thomas Hoenig. “The Federal Reserve is in the hot seat. It’s a no-win situation for them,” Hoenig, the former vice chair of the Federal Deposit Insurance Corporation,
Continue Reading By Matt Egan, CNN Moody’s Investors Service cut its outlook for the entire US banking sector and placed six US banks on review for potential credit rating downgrades, in the wake of last week’s collapse of Silicon Valley Bank. The credit ratings firm said it expects more banks will come under pressure after SVB’s failure
Continue Reading By Laura He, CNN Asian stocks fell broadly on Tuesday, dragged down by banking shares, as fears over the fallout of Silicon Valley Bank’s collapse gripped the market despite US government efforts to stabilize the financial system. Japan’s Nikkei 225 tumbled 2.19% to post its third straight day of declines. Hong Kong’s Hang Seng briefly
Continue Reading By Alicia Wallace, CNN Last week, the Federal Reserve’s biggest concern was a stubbornly high inflation rate and how much to crank up monetary policy tightening. In recent days, a new bogeyman emerged in the form of a trio of bank failures and the chilling specter of a financial crisis. To stave off the latter,
Continue Reading By Kathleen Magramo and Moeri Karasawa, CNN Masatoshi Ito, the Japanese billionaire who turned 7-Eleven convenience stores into a global empire, has died aged 98, closing the chapter on one of Asia’s most storied retail entrepreneurs. Seven & I Holdings, operator of 7-Eleven, confirmed the death in a statement on Monday, adding that Ito died
Continue Reading By Laura He, CNN China’s Andon Health, a maker of medical devices, says it has full access to funds parked at Silicon Valley Bank, after the US government intervened to backstop all the deposits at the failed lender. The Tianjin-based company, which manufactures consumer health devices and supplied Covid test kits to the United States
Continue Reading By Oliver Darcy, CNN Andrew Ross Sorkin woke up early Monday morning, long before the crack of dawn, after managing to sneak in a handful of hours of sleep. The New York Times columnist had been up late into the night working on his DealBook newsletter. And now he needed to rise for a special
Continue Reading By Matt Egan The blame game is on for who caused Silicon Valley Bank’s collapse, and the tech sector is pointing the finger at SVB CEO Greg Becker for allowing his company to go down in history as the second-biggest US banking failure on record. One Silicon Valley Bank employee, who requested anonymity to speak
Continue Reading By Ramishah Maruf, CNN The question on so many bank customers’ minds in the aftermath of Silicon Valley Bank’s stunning collapse: Is my money safe? What is happening? A bank run on Silicon Valley Bank led the Federal Deposit Insurance Corporation to take control of the bank Friday in the second-largest bank failure in US
Continue Reading By Ramishah Maruf, CNN Is my money safe? That’s the question on many bank customers’ minds after the stunning failures of Silicon Valley Bank and Signature Bank in the past week, along with the takeover of Credit Suisse — though the Swiss bank’s issues are very different from what took down the two US regional
Continue Reading By Hanna Ziady, CNN Silicon Valley Bank collapsed with astounding speed on Friday. Investors are now on edge about whether its demise could spark a broader banking meltdown. The US federal government has stepped in to guarantee customer deposits, but SVB’s downfall continues to reverberate across global financial markets. The government has also shut down
Continue Reading By Anna Cooban, CNN Investors dumped European bank stocks for a third straight day Monday, despite dramatic moves over the weekend by the US and UK governments to shore up confidence in the financial system following Friday’s collapse of Silicon Valley Bank. Europe’s benchmark Stoxx Europe 600 Banks index, which tracks 42 big EU and
Continue Reading By Parija Kavilanz, CNN Business Kraft Heinz has succeeded in getting its ready-to-eat packaged Lunchables into school lunch programs starting this fall, in a major new initiative. But the company had to reformulate the ingredients to ensure the products meet federal guidelines first. This would mark the first time Lunchables are directly entering schools, the
Continue Reading By Ramishah Maruf and Allison Morrow, CNN This week, the go-to bank for US tech startups came rapidly unglued, leaving its high-powered customers and investors in limbo. Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators. It was the largest failure of a
Continue Reading By Laura He, CNN China’s Andon Health, a maker of medical devices, says it has full access to funds parked at Silicon Valley Bank, after the US government intervened to backstop all the deposits at the failed lender. The Tianjin-based company, which manufactures consumer health devices and supplied Covid test kits to the United States
Continue Reading By Anna Cooban, CNN Investors dumped European bank stocks for a third straight day Monday, despite dramatic moves over the weekend by the US and UK governments to shore up confidence in the financial system following Friday’s collapse of Silicon Valley Bank. Europe’s benchmark Stoxx Europe 600 Banks index, which tracks 42 big EU and
Continue Reading By Nicole Goodkind, CNN Understanding the economy is a complicated task, and even the experts are struggling to answer seemingly simple questions like “Are we on the brink of a recession?” or “Why isn’t inflation falling faster?” Many have resorted to the use of metaphor to convey the current complexity of the economy. It’s a
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