DETROIT — The Chevrolet Camaro, for decades the dream car of many teenage American males, is going out of production. General Motors, which sells the brawny muscle car, said Wednesday it will stop making the…
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Business
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WASHINGTON — Treasury Secretary Janet Yellen said on Wednesday that the Federal Deposit Insurance Corporation (FDIC) was not considering providing “blanket insurance” for banking deposits following the collapse of two prominent banks this month. Yellen…
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The Federal Reserve is raising its key interest rate by 0.25%, continuing on its crusade against inflation while warning that recent instability in the banking sector could weigh on the economy. In announcing their ninth…
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The recent crashes of three U.S. lenders — Signature Bank, Silicon Valley Bank and Silvergate Bank — has slashed confidence in the nation’s banking system. The debacles have also put financial regulators on the hot seat,…
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Amazon will lay off 9,000 more employees, CEO Andy Jassy said in a memo to staff on Monday. The cuts are on top of the previous layoffs that commenced last November and extended into January. That…
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New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday. The 40 branches of Signature Bank…
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Business
Home sales spike 14.5% in February as the median price drops for the first time in over a decade
Sales of previously owned homes rose 14.5% in February compared with January, according to a seasonally adjusted count by the National Association of Realtors. That put sales at an annualized rate of 4.58 million units. It…
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The parent of Silicon Valley Bank, seized last week by the U.S., is filing for Chapter 11 bankruptcy protection. SVB Financial Group, along with its CEO and its chief financial officer, were targeted this week…
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Business
UBS buys Credit Suisse for $3.2 billion as regulators look to shore up the global banking system
UBS agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) Sunday, with Swiss regulators playing a key part in the deal as governments looked to stem a contagion threatening the global banking…
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The full picture of why Silicon Valley Bank failed so spectacularly and so fast has not yet come into focus. But uncommon lending practices at the cutting-edge lender contributed to its woes and raise questions…