New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday. The…
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Amazon will lay off 9,000 more employees, CEO Andy Jassy said in a memo to staff on Monday. The cuts are on top of the previous layoffs that commenced last November…
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In the wake of bank meltdowns, the Fed draws accusations of lax oversight
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The recent crashes of three U.S. lenders — Signature Bank, Silicon Valley Bank and Silvergate Bank — has slashed confidence in the nation’s banking system. The debacles have also put financial…
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Fed raises interest rates by a quarter point, keeping inflation in crosshairs
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The Federal Reserve is raising its key interest rate by 0.25%, continuing on its crusade against inflation while warning that recent instability in the banking sector could weigh on the…
The parent of Silicon Valley Bank, seized last week by the U.S., is filing for Chapter 11 bankruptcy protection. SVB Financial Group, along with its CEO and its chief financial…
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Home sales spike 14.5% in February as the median price drops for the first time in over a decade
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Sales of previously owned homes rose 14.5% in February compared with January, according to a seasonally adjusted count by the National Association of Realtors. That put sales at an annualized rate…
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UBS buys Credit Suisse for $3.2 billion as regulators look to shore up the global banking system
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UBS agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) Sunday, with Swiss regulators playing a key part in the deal as governments looked to stem a…
The full picture of why Silicon Valley Bank failed so spectacularly and so fast has not yet come into focus. But uncommon lending practices at the cutting-edge lender contributed to…
Silicon Valley Bank’s collapse has sent entrepreneurs scrambling to address concerns few ever thought they’d have to worry about. For some Black founders and investors with ties to the failed…
WASHINGTON — The former head of Wells Fargo’s retail bank is facing prison time after agreeing to plead guilty to obstructing a bank examination in relation to the sweeping phony accounts…