Reuters US Business

By Pablo Mayo Cerqueiro and Chiara Elisei LONDON (Reuters) – Credit Suisse has written down its Additional Tier 1 bonds to zero as part of its takeover by UBS, angering some bondholders who thought they would be better protected in a rescue deal announced on Sunday. The Swiss regulator and Credit Suisse said that the …

Credit Suisse writes down $17 billion of bonds to zero, angering holders Read More »

(Reuters) – Credit rating agency S&P Global Inc said it downgraded First Republic Bank’s ratings for the second time in less than a week on Sunday. The credit rating agency lowered First Republic’s sovereign credit ratings to “B+” from “BB+”. S&P, however, maintained its outlook at “Creditwatch Negative.” The report comes after S&P on Wednesday …

S&P again downgrades First Republic Bank ratings Read More »

ZURICH (Reuters) – UBS Chairman Colm Kelleher said the bank wants to keep Credit Suisse’s Swiss unit, speaking at a news conference announcing the merger between Switzerland’s two biggest banks on Sunday. “It is a fine asset that we are very determined to keep and hopefully service their customers and clients as efficiently as Credit …

UBS chairman wants to keep Credit Suisse’s Swiss unit Read More »

By Emilie Madi and Mohamed Azakir BEIRUT (Reuters) – When Caroline Sadaka buys groceries in the Lebanese capital Beirut, she keeps her phone in hand – not to check her shopping list but to calculate the spiralling costs of goods now priced at volatile exchange rates that vary by store and sector. As Lebanon’s economy …

As economy worsens, Lebanese juggle dizzying rates for devalued pound Read More »

(Reuters) – Credit Suisse’s plan to spin off its investment bank under the First Boston brand are being thrown into doubt by takeover talks, Bloomberg News reported on Sunday. UBS is showing little appetite for Credit Suisse’s investment banking business as part of a government-orchestrated takeover, the report said, adding that plans to separate and …

Credit Suisse’s First Boston plan in doubt amid crisis talks -Bloomberg Read More »

By David French NEW YORK (Reuters) – Some U.S. regional banks’ efforts to raise capital and allay fears about their health are running up against concerns from potential buyers and investors about looming losses in their assets, five sources with knowledge of the discussions said. First Republic Bank and PacWest Bancorp are among the banks …

Analysis-Asset concerns weigh on U.S. regional bank deal talks Read More »

WILMINGTON, Delaware (Reuters) – Berkshire Hathaway Inc’s Warren Buffett has held discussions with senior Biden adminstration officials about the banking crisis, a source familiar with the matter told Reuters on Saturday. The White House and U.S. Treasury declined to comment. Bloomberg News reported earlier that Buffett had been in touch with administration officials in recent …

Warren Buffett in discussions with Biden officials on banking crisis-source Read More »

By David Shepardson WASHINGTON (Reuters) -Challenger Shawn Fain is narrowly leading United Auto Workers (UAW) President Ray Curry in a runoff election for leadership of the powerful union, as Curry’s campaign said it had filed a protest over issues including undelivered ballots. Late Friday, court-appointed monitor Neil Barofsky said in the presidential race Fain has …

UAW presidential challenger holds lead as rival campaign files protest Read More »

(Reuters) – Pacific Western Bank, a unit of PacWest Bankcorp, said on Friday it had witnessed ‘elevated’ withdrawals following the collapses of Silicon Valley Bank and Signature Bank, but deposit movements had stabilized since Monday. The Los Angeles-based bank gave no details on the sum of the withdrawals but said they were mainly from its …

Pacific Western Bank faced ‘elevated’ withdrawals after bank failures Read More »