Citigroup CEO says ‘this is not a credit crisis’ after US bank failures

Citigroup CEO says ‘this is not a credit crisis’ after US bank failures

March 22 (Reuters) – Citigroup Inc (CN) CEO Jane Fraser expressed confidence in U.S. banks on Wednesday after a series of shutdowns rattled investors and fueled turmoil in global financial markets. “The banking system is pretty solid,” and the major regional banks are well capitalized, Fraser told the Economic Club of Washington DC on Wednesday. … Read more

US SEC threatens to sue Coinbase over certain crypto products

March 22 (Reuters) – The U.S. Securities and Exchange Commission (SEC) has threatened to sue Coinbase Global Inc (COIN.O) over some of the crypto exchange’s products, mounting pressure on the largely unsettled industry. regulated. Coinbase shares fell nearly 13% to $67.33 in extended trading after the company said Wednesday that the regulator had issued it … Read more

US not considering ‘blanket insurance’ for bank deposits, says Yellen

WASHINGTON, March 22 (Reuters) – U.S. Treasury Secretary Janet Yellen told lawmakers on Wednesday that the Federal Deposit Insurance Corporation (FDIC) was not considering providing “blanket insurance” for bank deposits following the collapse of two major US banks this month. Some banking groups have urged Congress to temporarily guarantee all U.S. bank deposits, a move … Read more

US mortgage rates fell the most in 4 months in wake of SVB, says MBA

March 22 (Reuters) – Last week’s banking sector turmoil had at least one silver lining for U.S. homebuyers: lower mortgage interest rates. Interest rates on America’s most popular home loan fell the most in four months last week after Silicon Valley Bank collapsed and emergency measures to shore up the broader banking system pushed investors … Read more

First Republic could rally if FDIC insures deposits – analyst

NEW YORK, March 22 (Reuters) – As embattled First Republic Bank (FRC.N) considers its options, analysts at Morgan Stanley say there is a “bullish case” for the stock if regulators assure the customer deposits until the end of the banking crisis. First Republic, whose shares have lost much of their value since the start of … Read more

GameStop’s surprise profit triggers a short squeeze and a rally in meme stocks

March 22 (Reuters) – Meme GameStop Corp (GME.N) stock jumped nearly 40% on Wednesday as the video game retailer’s profitable first quarter in two years squeezed bearish investors and sparked a surge in other popular stocks among retail traders. AMC Entertainment Holdings Inc (AMC.N) gained 3.4%. AMC and GameStop have been at the heart of … Read more

Saudi Aramco announces record profit of $161.1 billion in 2022

Record net profit from $110 billion in 2021 The Board of Directors recommends the issuance of free shares to eligible shareholders Aramco declares $19.5 billion fourth quarter dividend DUBAI, March 12 (Reuters) – Saudi oil giant Aramco (2222.SE) on Sunday reported record annual net profit of $161.1 billion for 2022, up 46% from a year … Read more