Money

By Matt Egan, CNN JPMorgan Chase’s investment bank has been hired to advise First Republic as the embattled regional bank tries to ease concerns about its financial condition, people familiar with the matter told CNN. First Republic’s share price has plummeted 90% to record lows over the past month as investors took scrutinized lenders with

By Anna Cooban, CNN Hats, bags and gold bars emblazoned with Credit Suisse’s logo are being sold on resale sites, having popped up mere hours after the 167-year-old bank was saved from collapse by rival UBS. The emergency takeover brokered by the Swiss government will mean the end of a bank that began life in

By Marshall Cohen Lawyers for Dominion Voting Systems argued Tuesday that its defamation case against Fox News is so strong that a trial isn’t needed, and the judge followed up with some challenging questions for the right-wing outlet during an all-day courtroom clash. Both sides were in court for a major hearing, where they tried

By Matt Egan, CNN The federal government could once again come to the rescue of uninsured bank depositors if smaller lenders suffer bank runs like the one that collapsed Silicon Valley Bank, according to prepared remarks from US Treasury Secretary Janet Yellen. Yellen argues the government’s “decisive and forceful actions” have successfully calmed the banking

By Oliver Darcy, CNN A Fox News producer on Monday filed a pair of explosive lawsuits against the right-wing talk channel, alleging that the network’s lawyers coerced her into providing misleading testimony in Dominion Voting Systems’ $1.6 billion defamation case against the company. The lawsuits filed by Abby Grossberg, who worked as a senior booking

By Michelle Toh and Anna Cooban, CNN Stocks around the world rose Tuesday as concerns about the global banking sector eased in response to a whirlwind of intervention by policymakers and industry players. The Dow Jones Industrial index was trading 0.5% higher in late morning trade, while the S&P 500 rose 0.7% and the Nasdaq

By Mitchell McCluskey and Rhea Mogul, CNN Sri Lanka on Monday secured a much-anticipated loan of about $3 billion from the International Monetary Fund (IMF) as the South Asian nation navigates its worst financial crisis in decades. The deal, nearly a year in the making, will aim to “restore macroeconomic stability and debt sustainability” and

By Peter Valdes-Dapena, CNN With Dodge’s legendary V8-powered muscle cars going out of production at year-end, engineers wanted the last non-electric Dodge Challenger to make a statement. Sort of a very fast, very loud, statement: A final salute to the fuel-burning era. Buyers just might want to attach a parachute. The Demon 170 will be

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 Switzerland’s biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month. “UBS today announced the takeover of Credit Suisse,” the Swiss National Bank said in a statement

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.

By Ramishah Maruf, CNN Wall Street can seem bewildering, given its sheer amount of jargon, banking terms, and acronyms. But as concerns mount that the Federal Deposit Insurance Corporation will take receivership of troubled First Republic Bank, potentially the third US bank to fail after the collapse of Silicon Valley Bank and Signature Bank, the

By Jordan Valinsky, CNN Business SVB Financial Group, the company that owned the failed Silicon Valley Bank until the US government took it over last week, has filed for Chapter 11 bankruptcy protection. Silicon Valley Bank was not included in the bankruptcy filing in New York on Friday. Also not included in the Chapter 11

By Anna Cooban, CNN Credit Suisse is not out of the woods just yet. Shares in the Swiss lender fell by as much as 12% Friday, erasing most of Thursday’s gains, as investors feared that a $54 billion lifeline from the Swiss central bank might not be enough to rescue the beleaguered bank. By comparison,

By Nicole Goodkind, CNN With just a few days to go until the Federal Reserve’s next interest rate decision, US policymakers are sitting between a rock and a hard place. The recent banking sector meltdown, triggered partially by Silicon Valley Bank crumbling under the weight of higher interest rates, has led some economists and analysts

By Laura He, CNN China’s central bank has made a surprise cut to the amount of money that banks must keep in reserve, in an effort to keep money flowing through the financial system and prop up the economy. The People’s Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for

By Laura He and Anna Cooban, CNN Markets in Europe and Asia rebounded Friday after First Republic Bank was rescued by a group of major US lenders, easing worries about the current banking turmoil. “Some optimism has returned to markets over the last 24 hours, with bank stocks stabilizing on both sides of the Atlantic,”

By Heather Chen, CNN Rapper and entrepreneur Snoop Dogg is expanding his business empire yet again, this time branching out into a line of premium coffee products with beans sourced locally from Indonesia. He has partnered with Indonesian coffee entrepreneur Michael Riady to launch INDOxyz: “a premium lifestyle coffee brand created for and inspired by

By Nathaniel Meyersohn, CNN Credit Suisse, the 167-year-old bank and the second-largest lender in Switzerland, is in deep trouble. The bank said it would borrow up to 50 billion Swiss francs ($53.7 billion) from the Swiss National Bank, taking advantage of a lifeline late Wednesday after its stock crashed as much as 30%. It also

By Matt Egan, Allison Morrow and David Goldman, CNN First Republic Bank, facing a crisis of confidence from investors and customers, is set to receive a $30 billion lifeline from a group of America’s largest banks. “This show of support by a group of large banks is most welcome, and demonstrates the resilience of the

By Hanna Ziady, CNN The European Central Bank stuck with its plan to hike interest rates by half a percentage point Thursday, judging that inflation poses a bigger threat to the economy than turmoil in the banking sector. But the ECB said it was keeping a close watch on “current market tensions” and “stands ready

By Mark Thompson, CNN A scramble by Switzerland’s authorities to shore up confidence in Credit Suisse went some way to calming panicked investors Thursday, but the country’s second-biggest bank may yet need more help if it is to survive. Credit Suisse said it would borrow up to 50 billion Swiss francs ($53.7 billion) from the

By Michelle Toh, Danielle Wiener-Bronner and Allison Morrow, CNN The banking meltdown over the past week has left us with more questions than answers. The stunning collapse of two American banks and the loss of investor confidence in Credit Suisse led to wild market swings and put Wall Street on edge. During CNN’s primetime special,

By Laura He and Anna Cooban, CNN European markets breathed a small sigh of relief Thursday as beleaguered lender Credit Suisse accepted a loan from Switzerland’s central bank, but investors in Asia were still concerned by turmoil that’s hit the global banking sector in recent days. Europe’s benchmark Stoxx Europe 600 Banks index, which tracks

By Matt Egan, CNN Nervous bank customers have rushed to the safety of big banks in the wake of a pair of high-profile bank failures that have shaken confidence in the system. Bank of America, Wells Fargo and Citigroup have all experienced a significant increase in deposits since Silicon Valley Bank ran into trouble last

By Matt Egan, CNN First Republic Bank’s credit rating was downgraded on Wednesday by both Fitch Ratings and S&P Global Ratings on concerns that depositors could pull their cash despite the federal intervention. Fitch also placed another regional bank, PacWest Bancorp, on watch for a potential credit ratings downgrade of its own. The moves reflect