NYCB acquired Signature Bank assets with total fair value of $37.8 billion
New York Community Bancorp (NYCB.N), said on Thursday it acquired the assets of the failed Signature Bank with an estimated total fair value of $37.8 billion. In March 2023, its subsidiary, Flagstar Bank, had assumed substantially all of Signature Bank’s deposits and some of its loan portfolios from the Federal Deposit Insurance Corporation (FDIC). The regional […]
Explainer: What is the G7’s $50 billion loan plan for Ukraine?
The Group of Seven rich democracies have agreed to use proceeds from frozen Russian assets to give Ukraine $50 billion in loans, aiming to ensure Kyiv can continue its fight against Russia’s invasion and to signal Western resolve to Moscow. Leaders of the G7 – Britain, Canada, France, Germany, Italy, Japan and the United States – agreed to the […]
Fed penalizes Evolve Bank for failing to manage fintech partnership risk
The Federal Reserve announced Friday it had ordered Evolve Bancorp Inc to bolster its risk management programs around fintech partnerships as well as anti-money laundering laws. The Fed said in a statement that a 2023 examination of the Arkansas-based bank found insufficient policies in place. It added that the new enforcement action, which did not […]
ECB’s Lagarde dodges question about French market turmoil
European Central Bank President Christine Lagarde largely dodged a question about turmoil in French financial markets on Friday, merely saying the ECB would deliver on its inflation target. French markets endured another brutal sell-off on Friday as investors cut their positions ahead of a snap election that might give a majority to the far right. Lagarde was asked […]
Bond traders worry liquidity will worsen as US market size grows
U.S. bond market participants are worried market liquidity will keep deteriorating as the U.S. Treasury continues to issue large amounts of debt to back deficit spending while dealers struggle to keep up with the ballooning size of the market. Liquidity – or the ability to trade an asset without significantly moving its price – has […]
US equity funds saw largest weekly outflow in 18 months
U.S. equity funds observed heavy outflows in the seven days through June 12 as some investors booked profits and exercised caution ahead of the Federal Reserve’s policy decision. Investors ditched U.S. equity funds worth a net $21.93 billion during the week in their largest weekly net disposal since mid-December 2022, data from LSEG showed. Despite […]
Senior German banker not fit for trial over tax fraud
A German regional court said on Friday that prosecutors and defence lawyers have requested the termination of the criminal trial of a prominent banker who is accused of playing a role in an alleged 10 billion euro ($10.7 billion) tax fraud scheme. Christian Olearius, who has maintained that he did nothing wrong, went on trial […]
Global equity funds faced huge outflows on caution ahead of Fed meet
Global equity funds suffered sharp outflows in the seven days to June 12 as investors cautiously took out money ahead of a key U.S. inflation report and Federal Reserve policy decision that could determine the near-term outlook for interest rates. According to LSEG data, investors offloaded a massive $14.67 billion worth of global equity funds […]
Barclays asked by watchdog to review private equity exposure, source says
ritain’s Prudential Regulation Authority (PRA) has asked Barclays to review its exposure to leveraged finance, a source familiar with the matter said on Friday, part of an industry-wide probe into lenders’ exposure to the private equity industry. The Bank of England in April said very few banks had a clear idea of their “holistic” exposures to private […]
ECB’s Kazaks backs market bets on cuts if data holds
The European Central Bank can continue to lower interest rates broadly how the market expects if inflation keeps easing as envisaged, ECB policymaker Martins Kazaks told Reuters on Friday. The ECB lowered its policy rate from a euro-era high last week but held back from any promise to follow up its move, which came with caveats about wages and […]