By Jennifer Korn The massive amount of customer withdrawals that led to the collapse of Silicon Valley Bank had all the hallmarks of an old-fashioned bank run, but with a new twist befitting the primary industry the bank served: much of it unfolded online. Customers withdrew $42 billion in a single day last week from
Continue Reading By Jennifer Korn The massive amount of customer withdrawals that led to the collapse of Silicon Valley Bank had all the hallmarks of an old-fashioned bank run, but with a new twist befitting the primary industry the bank served: much of it unfolded online. Customers withdrew $42 billion in a single day last week from
Continue Reading By Catherine Thorbecke, CNN Facebook-parent Meta plans to lay off another 10,000 workers, marking the second round of significant job cuts announced by the tech giant in four months. The latest layoffs, announced on Tuesday, come after Meta said in November that it was eliminating approximately 13% of its workforce, or 11,000 jobs, in the
Continue Reading By Jeanne Sahadi, CNN Here’s where things stand for customers and employees of Silicon Valley Bank and Signature Bank, both of which failed this week and were promptly taken over by the FDIC. Will customers have full access to all of their money on deposit? Yes. Over the weekend, the Treasury Department, the Federal Reserve
Continue Reading By Jeanne Sahadi, CNN Here’s where things stand for customers and employees of Silicon Valley Bank and Signature Bank, both of which failed this week and were promptly taken over by the FDIC. Will customers have full access to all of their money on deposit? Yes. Over the weekend, the Treasury Department, the Federal Reserve
Continue Reading By Alicia Wallace, CNN Inflation’s temperature came down a little bit more last month, but the Federal Reserve’s campaign to bring down high prices has grown even more complex in recent days. The Consumer Price Index, a closely watched gauge of inflation, showed that annual price increases continued to slow in February, the Bureau of
Continue Reading By Nicole Goodkind, CNN Investors are searching for clarity in the wake of Friday’s collapse of Silicon Valley Bank — the biggest failure of a US bank since 2008. And as they attempt to predict what comes next — be it wider financial chaos, more government regulation, a pause in Fed hikes or something else
Continue Reading By Nicole Goodkind, CNN Investors are searching for clarity in the wake of Friday’s collapse of Silicon Valley Bank — the biggest failure of a US bank since 2008. And as they attempt to predict what comes next — be it wider financial chaos, more government regulation, a pause in Fed hikes or something else
Continue Reading By Jordan Valinsky, CNN McCormick, the top-selling maker of seasonings and spices, is giving its iconic red-cap bottles their first makeover in nearly 40 years. Shoppers will soon see newly designed bottles that feature updated labeling and a new “snap” cap that the company says keeps spices and seasonings fresher compared to its previous design.
Continue Reading By Andrea Cambron, CNN The Justice Department on Monday filed a lawsuit against Rite Aid for allegedly violating the Controlled Substances Act, alleging that the company “knowingly filled unlawful prescriptions for controlled substances.” In a statement, Attorney General Merrick Garland said the Department of Justice is “using every tool at our disposal” to hold Rite
Continue Reading 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
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