First Citizens bank agreed to buy Silicon Valley Bank’s deposits and loans, suggesting there is still confidence in the U.S. banking sector.
in 2022, according to S&P Global Ratings analysts. Some local governments are trying new ways of boosting revenue — such as selling licenses for bicycle-sharing services.Several important economic data points will be released this week: personal consumption expenditures, consumer sentiment and home sales. But concerns about the banking system will likely dominate markets and causeJust as this newsletter was about to be sent out, the U.S.
My instinctive response, however, is that markets will welcome the news . Successfully finding a buyer for a bank that has seen its depositors flee and incurred losses on its bonds is no mean feat. By all appearances, First Citizens Bank is a willing buyer of SVB — unlike UBS' forced marriage with Credit Suisse, orchestrated by Swiss regulators. It signals there is value left in SVB, perhaps in its reputation and relations with the tech and venture capital community.
It's certainly welcome news after the events of Friday. Now that central banks worldwide have made their interest rate decisions, markets are turning their attention back to the banking sector. In today's heightened atmosphere, however, prudence can quickly — and arbitrarily — tip over into paranoia.
Deutsche Bank appears to be the latest victim of the market's panic. On Friday, after the price of its credit default swaps rose to its highest since 2018, investors sparked a sell-off in the German bank. The move is mostly irrational, according to analysts. Deutsche Bank is not another Credit Suisse in two key aspects.
First, have a look at their fourth-quarter reports. Deutsche Bank reported a 1.8-billion-euro net profit, giving it an annual net
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