A Year After Silicon Valley Bank’s Collapse, the Rules Are Still Catching Up
Posted on Saturday March 09, 2024
Last March, Silicon Valley Bank collapsed and kicked off the most significant U.S. banking crisis in years. A few months later, the Federal Reserve proposed a series of major changes to how big lenders are regulated. The Fed proposals are known as the “Basel III endgame,” in reference to completing the implementation of global banking reforms first outlined well over a decade ago, following the 2008 financial meltdown.
New York Community Bancorp Chairman Buys $200,000 in Stock After Tumble
Posted on Friday February 09, 2024
New York Community Bancorp Chairman Alessandro DiNello scooped up more than $200,000 worth of the company’s stock, which has fallen more than 59% so far this year. DiNello bought 50,000 shares at a price of about $4.19 a share, marking a total purchase worth about $209,000. Shares of New York Community Bancorp have sunk over the past two weeks after the regional bank reported a surprise loss and said it was shoring up its balance sheet after its acquisition of Signature Bank last year and losses on its commercial real estate book.
New York Community Bancorp Stock Plunges 38%, Reigniting Fears for Regional Banks
Posted on Wednesday January 31, 2024
Chief Executive Thomas Cangemi said the company is adjusting to the regulatory demands of being a large bank after its purchase of assets and liabilities from Signature Bank, one of three banks that failed in rapid succession in early 2023 after spooked customers pulled cash en masse. The results took some investors back to the bank crisis in early 2023, when Signature, Silicon Valley Bank and First Republic Bank all failed within a span of weeks. At those banks, large amounts of uninsured deposits, concentrated customer bases and paper losses on their bond portfolios had sparked a crisis of confidence among their depositors and investors.
UPDATE 3-Chair of Sweden's top pension firm resigns after dud investments
Posted on Monday October 02, 2023
Alecta, the subject of two ongoing probes by the Swedish Financial Supervisory Authority (FSA) over risk taking, said in a statement its deputy board chair, Jan-Olof Jacke, will lead the board until a permanent candidate is elected. "In a situation where there has been too much focus on my person, I have decided to resign," Ingrid Bonde said in a statement. Alecta's board in April fired its CEO, and the FSA launched a probe, after it lost 19.6 billion Swedish crowns ($1.78 billion) from holdings in U.S. lenders First Republic Bank, Silicon Valley Bank and Signature Bank as those collapsed.
