Shares of major U.S. regional banks booked slim gains in premarket trading on Friday, a day after getting hammered by deposit declines at PacWest and a banking regulator’s decision to impose a fee on uninsured deposits.
Treasury Secretary Janet Yellen said there was still uncertainty about exactly when Treasury would run out of cash to pay U.S. government debts, but she would keep Congress apprised of any change in the date, which could come as early as June 1.
Federal Reserve Governor Michelle Bowman said Friday that the central bank should hire an outside party to further examine the events that led to the abrupt failure of Silicon Valley Bank, arguing in a rare Fed insider’s critique that it is a necessary supplement to its own internal review.
French bank Societe Generale posted better than expected quarterly earnings on Friday after turmoil in bond and currency markets boosted its trading business.
Italy’s second-largest insurer UnipolSai reported on Friday a year-on-year 13.8% rise in first-quarter net profits lifted by higher insurance premiums, despite higher claims costs due to inflation.
UBS Group AG has prioritised integrating Credit Suisse’s investment bank and accelerating cost-cutting, the Financial Times reported on Friday, citing people involved in the planning.
U.S. Treasury Secretary Janet Yellen will discuss the impasse over raising the government debt ceiling with board members of the Bank Policy Institute lobby group next week, a senior Treasury official told Reuters.
Australia’s QBE Insurance Group Ltd said on Friday costs associated with catastrophic claims for the four months of 2023 had reached nearly 90% of the allowances it had set aside for the first-half, dragging its shares nearly 9%.
Canadian private-equity firm Onex Corp has appointed Bobby Le Blanc as its chief executive, it said on Thursday, making him the company’s second CEO in its near four-decade history.
