While CPI and other data have the potential to move the market, we’d argue the commentary from these household financial names could be even more influential.
FINMA and the Swiss central bank brokered UBS’ takeover for embattled Zurich rival Credit Suisse for 3 billion Swiss francs ($3.3 billion), in a deal announced on March 19.
Sieg was previously president of Merrill Lynch Wealth Management.
China’s small banks’ problems reflect local issues, but do not pose systemic risks, said Zhu Min of the China Center for International Economic Exchanges.
Biden is calling for a range of safeguards for the banking system in the wake of the failures of Silicon Valley Bank and Signature Bank.
Interest rates declined following turmoil in the banking sector, helping lift demand for mortgages.
The bank notoriously pleaded guilty in 2014 to criminal charges for “knowingly and willfully” helping U.S. clients hide offshore assets and income from the IRS.
Cramer said the Fed will continue with rate hikes until wage inflation cools off, but that if another large bank like First Republic collapses, “it’ll definitely do the job.”
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