SBNY News and Press, Signature Bank From 03/18/23

2023-03-18 14:39:34 ET The S&P materials sector index was down -3.51% , and the Materials Select Sector SPDR ETF ( XLB ) -3.42% this week, weighed down by the worst financial crisis in 14 and a half years. During the week, two U.S. regional banks - Signature Bank ( ...

2023-03-18 12:45:00 ET Summary The Credit Suisse saga presents systemic and contagion risk to the global banking markets. There is likely going to be a shotgun wedding this weekend. UBS will likely takeover the whole (or parts) of the Credit Suisse franchise. The deal is c...

2023-03-18 00:09:42 ET Amid growing fears about its liquidity, Pacific Western Bank ( NASDAQ: PACW ) Friday night said it has more than $10.8B in available cash. The company added the amount is more than the uninsured deposits it holds. As of March 16, PacWest ( PACW...

2023-03-17 15:33:50 ET The Federal Deposit Insurance Corporation is now open to discuss shouldering losses at failed lenders Silicon Valley Bank ( NASDAQ: SIVB ) and Signature Bank ( NASDAQ: SBNY ), the Financial Times reported Friday, citing people familiar with the...

2023-03-17 15:05:40 ET Summary PureCycle Technologies shares rose after the fourth-quarter 2022 report, rebounding sharply from last week's 52-week low. Although smaller than more established operators, PureCycle aspires to become a well-known player in the industry of converting ...

2023-03-17 14:50:58 ET Summary Ally Financial has the same underlying duration and interest rate risk issues as other institutions. Historically, its auto-lending business has provided cover - but that business may be deteriorating. We believe investors should be cautious even...

2023-03-17 14:43:12 ET President Joe Biden urged Congress on Friday to impose stiffer penalties for senior banking executives when their mismanagement contribute to their institutions' failing. "When banks fail due to mismanagement and excessive risk taking, it should be easier for ...

2023-03-17 10:02:01 ET The price of %Bitcoin ($BTC) has broken above the key resistance level of $25,000 U.S. and is now trading at its highest level in more than six months. Bitcoin has not crossed the $25,000 U.S. level since August 2022. At its current price of $26,650 U.S., ...

2023-03-17 08:34:35 ET Billionaire investor Bill Ackman flagged financial contagion risks from the $30B deposit lifeline extended by major banks to First Republic Bank ( NYSE: FRC ), saying a temporary systemwide deposit guarantee is needed immediately. Eleven big banks agre...

2023-03-17 06:39:15 ET Summary XLE bulls who eagerly jumped on board during the December 2022 and January 2023 highs are now being pummeled by its recent steep decline. Our warning to investors that XLE's strength was unsustainable has come to fruition. The recent banking crisis h...