Moody’s Investors Service downgraded its credit rating on First Republic Bank to junk late Friday, citing a “deterioration in the bank’s financial profile.” First Republic’s FRC, -32.80% debt rating was cut to B2 from Baa1, Moody’s said. Fitch Ratings and S&P Global Ratings downgraded First Republic Bank’s debt earlier this week. The downgrade reflects “the … Read more
Markets Finance Intensification of Swiss lender’s difficulties comes days after two major bank failures in the U.S.
Press play to listen to this article Voiced by artificial intelligence. LONDON — The U.K. government was scrambling on Sunday to limit the fallout for the British tech sector from the collapse of Silicon Valley Bank, a big U.S. lender to many startups and technology companies. The government is treating the potential reverberations as “a … Read more
NEW YORK — Regulators rushed Friday to seize the assets of one of Silicon Valley’s top banks, marking the largest failure of a U.S. financial institution since the height of the financial crisis almost 15 years ago. Silicon Valley Bank, the nation’s 16th-largest bank, failed after depositors hurried to withdraw money this week amid anxiety … Read more
Regulators shut down Silicon Valley Bank to protect depositors following a decline in deposits. The Silicon Valley-based bank is the second-largest FDIC-insured bank by assets to fail and the largest since 2008 when Washington Mutual collapsed, according to Dow Jones Market Data. SVB has $212 billion in assets; Washington Mutual had $307 billion in assets. … Read more
SVB Financial Group SIVB, -60.41% fell more than 22% in the extended session Thursday as reports surfaced that several funds are advising clients to pull their money from Silicon Valley Bank. Bloomberg News late Thursday reported that Founders Fund, the San Francisco-based venture-capital fund co-founded by Peter Thiel, has advised companies to do just so. … Read more
The first Financial News list of the Twenty Most Influential in Fund Management celebrates the people shaping the sector across Europe. To keep up to date with all the latest coverage of the asset management sector, sign up for FN’s weekly newsletter. It follows a tough year for the industry, with Russia’s invasion of Ukraine prompting … Read more
Citigroup’s top M&A banker in Europe, and one of the few women to occupy such a senior role in the City, is leaving the Wall Street bank. Alison Harding-Jones, head of M&A for Europe, the Middle East and Africa and vice-chair of its banking, capital markets and advisory unit, has stepped down, according to an … Read more
Like most of its peers, T Rowe Price had a rough 2022. The Baltimore-headquartered asset manager ended the year with assets down almost 25%. Financial News spoke with Robert Higginbotham, head of global distribution and the firm’s most senior executive in Europe, about some of last year’s challenges, plans to grow outside the US, and how … Read more
Shares of C3.ai Inc. were surging 14% in after-hours action Thursday after the software company, which deals in enterprise artificial intelligence, issued an upbeat forecast and cited “substantially improving” market sentiment. “As we enter into our fourth quarter, we are seeing tailwinds from improved business optimism and increased interest in applying C3.ai AI, +2.80% solutions … Read more