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Banking Turmoil: UBS Takes Over Credit Suisse, More "Junk" for First Republic 03/20/23

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Manage episode 358450008 series 2534991
Content provided by CNBC. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by CNBC or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

David Faber, Sara Eisen and Mike Santoli covered all of the bases surrounding the turmoil in the banking sector, ahead of Wednesday's Federal Reserve decision on interest rates. UBS agreed to acquire its beleaguered Swiss rival Credit Suisse for about $3.2 billion in stock. Central banks including the Fed and the European Central Bank teamed up to form a joint liquidity operation to ensure smooth funding for the global banking system. Shares of First Republic tumbled to a record low after S&P downgraded the bank deeper into junk status. Despite that news, the market week started with beaten-down regional banks posting gains. Among them: New York Community Bancorp (NYCB), which soared after its Flagstar subsidiary agreed to acquire a significant portion of failed Signature Bank.

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1504 episodes

Artwork
iconShare
 
Manage episode 358450008 series 2534991
Content provided by CNBC. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by CNBC or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

David Faber, Sara Eisen and Mike Santoli covered all of the bases surrounding the turmoil in the banking sector, ahead of Wednesday's Federal Reserve decision on interest rates. UBS agreed to acquire its beleaguered Swiss rival Credit Suisse for about $3.2 billion in stock. Central banks including the Fed and the European Central Bank teamed up to form a joint liquidity operation to ensure smooth funding for the global banking system. Shares of First Republic tumbled to a record low after S&P downgraded the bank deeper into junk status. Despite that news, the market week started with beaten-down regional banks posting gains. Among them: New York Community Bancorp (NYCB), which soared after its Flagstar subsidiary agreed to acquire a significant portion of failed Signature Bank.

  continue reading

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