The $3.2 billion rescue deal came after a weekend of crunch talks, with the chairman of UBS describing it as “absolutely essential to … global finance.”
West Texas Intermediate futures fell more than 6% to $66.85 per barrel. That would be WTI’s biggest one-day drop since July 12, 2022.
The Federal Reserve will likely not raise interest rates at its March meeting as there is still a “boatload of uncertainty” said Mark Zandi of Moody’s Analytics.
The firm, part of the big three rating services, said it was making the move in light of key bank failures.
It would be Schwab’s worst one-day sell-off ever if the decline is worse than the 19% it suffered in April 2000.
How long will the investment banking drought last? That’s one of the top questions analysts will have for Goldman CEO David Solomon.
Few companies embody fintech’s rise and fall as much as Dave, one of a new breed of digital banking providers taking on the likes of JPMorgan Chase.
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