Small banks’ deposit drain to JPM, WFC, C slows

First Republic Bank headquarters as seen on March 16, 2023 in San Francisco, California, USA. Tayfun Coskun | Anadolu Agency | Getty Images Deposits surged, flowing from smaller banks to larger institutions, including JPMorgan and FuGuo bank Concerns about the stability of regional banks have moderated in recent days, CNBC has learned. caused by uncertainty … Read more

The turmoil in the banking sector is boosting interest in sector-specific ETFs.that’s why

Sector-specific ETFs appear to be gaining popularity as a way to cushion the impact of bank turmoil. According to VettaFi’s Todd Rosenbluth, this trend applies to ETFs that only hold a handful of large companies in a particular industry. “[They’re] will be complementary to a broader S&P 500 strategy,” the firm’s head of research told … Read more

$100 billion withdrawn from banks, but system described as ‘robust and resilient’

Thursday, March 23, 2023 at the First Citizens Bank branch in Dunwoody, Georgia. Elijah Nuviraqi | Bloomberg | Getty Images Regulators reassured the public that the banking system is safe, as new figures showed customers recently withdrew nearly $100 billion in deposits. Treasury Secretary Janet Yellen, Fed Chair Jerome Powell and a dozen other officials … Read more

Congressional hearings aim to boost confidence in banks

Rep. Patrick McHenry (R-NC) and House Financial Services Committee Chairwoman Maxine Waters (D-CA) listen to Facebook Calibra CEO David Marcus on “examining Facebook’s proposed cryptocurrency and its implications for consumers, investors and investors.” Impact “Testimony on the U.S. Financial System,” Capitol Hill, Washington, U.S., July 17, 2019. Joshua Roberts | Reuters WASHINGTON — A bipartisan … Read more

Deutsche Bank not the next Credit Suisse, analysts say panic is spreading

Deutsche Bank Shareholders Meeting Arne Dider | Image Alliance | Getty Images Deutsche Bank Shares in the German lender fell on Friday as markets panicked over the stability of Europe’s banking sector, while the cost of insuring against default soared. Yet many analysts are scratching their heads as to why the bank, which has been … Read more

Bank of America’s Hartnett sees commercial real estate as ‘the next shoe to drop’

According to Bank of America, commercial real estate could be the next danger point in the faltering U.S. financial sector. A warning sign: Spreads on commercial mortgage-backed securities compared to U.S. Treasuries are at their widest since May 2020, according to investment strategist Michael Hartnett. “As lending standards for CRE loans tighten further, CRE is … Read more

European leaders grapple with banking crisis amid market slump

German Chancellor Olaf Schulz said Deutsche Bank was profitable after its shares fell more than 10 percent during European trading. Ludovic Marin | AFP | Getty Images BRUSSELS – European leaders were keen to emphasize on Friday that the region’s banking sector is continuing to Deutsche BankA sudden drop when the market opens for trading. … Read more

Deutsche Bank shares fall 9% after default insurance costs suddenly spike

A logo is displayed above the headquarters of Deutsche Bank in the Aurora Business Park in Moscow, Russia. Andrey Rudakov | Bloomberg | Getty Images Deutsche Bank Shares were down more than 9% in early trade on Friday after credit default swaps spiked late Thursday as concerns about the stability of European banks persisted. Shares … Read more

Tether is estimated to have approximately $1.6 billion in excess reserves to back USDT

Tether Chief Technology Officer Paolo Ardoino said the company expects a $700 million increase in excess reserves for the quarter, which is not over yet. Justin Tallis | AFP | Getty Images Cryptocurrency firm Tether estimated it would post a profit of $700 million in the March quarter, bringing its excess reserves to more than … Read more

Janet Yellen changes the mood again

U.S. Treasury Secretary Janet Yellen testifies before a subcommittee on March 23, 2023 in Washington, DC. Alex Wong | Getty Images News | Getty Images The report comes from today’s CNBC Daily Open, our new international markets newsletter. The CNBC Daily Open gives investors a quick overview of everything they need to know, no matter … Read more