Money

By Parija Kavilanz, CNN Foot Locker is planning to shut 400 stores by 2026 as it strives to become more relevant to younger shoppers by relaunching its retail brands, introducing “experiential” new store concepts and simplifying its operations by closing underperforming mall-based stores. The stores slotted for closing across North America account for nearly 10%

By Allison Morrow, CNN First Republic’s stock fell 47% to a record low Monday, as the bank struggled to persuade Wall Street it could remain viable. Shares were halted several times for volatility, and they sank further after a report from the Wall Street Journal said rival banks led by JPMorgan are trying to work

By Anna Cooban, CNN Investors in a riskier type of Credit Suisse’s bonds had the value of their holdings slashed to zero Sunday after Swiss authorities brokered an emergency takeover of the bank by rival UBS. On Sunday, the Swiss National Bank (SNB) announced that UBS would buy Credit Suisse for 3 billion Swiss francs

By Danielle Wiener-Bronner, CNN Starbucks’ new CEO Laxman Narasimhan has taken over the reins from interim CEO Howard Schultz, about two weeks sooner than planned. Narasimhan was named the company’s incoming CEO on October 1 of last year. Since then, he has shadowed Schultz, who stepped into the CEO role for the third (and he

By Rhea Mogul, CNN Indian authorities have blocked internet access for about 27 million people in the state of Punjab for a fourth straight day — one of the country’s most extensive blackouts in recent years — as police search for a Sikh separatist on the run. The Punjab government initially announced a 24-hour internet

By Michelle Toh and Olesya Dmitracova, CNN European markets ticked up Monday but bank stocks were mixed and volatile as investors assessed the significance of the near-collapse of Credit Suisse, one of the world’s most important financial institutions. Europe’s benchmark Stoxx Europe 600 index was up 1%, while Germany’s DAX and France’s CAC 40 rose

By David Goldman, CNN A week after Signature Bank failed, the Federal Deposit Insurance Corporation said it has sold most of its deposits to Flagstar Bank, a subsidiary of New York Community Bank. On Monday, Signature Bank’s 40 branches will begin operating as Flagstar Bank. Signature customers won’t need to make any changes to do

By Mark Thompson, CNN The US Federal Reserve and several other major central banks announced a coordinated effort Sunday night to boost the flow of US dollars through the global financial system with the aim of keeping credit flowing to households and businesses. “The Bank of Canada, the Bank of England, the Bank of Japan,

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”

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.