Google founder, former Disney exec gets subpoenas in JPMorgan Epstein lawsuit

Google founder Sergey Brin, former Disney executive Michael Ovitz and two other billionaires will be subpoenaed in a lawsuit against JPMorgan Chase by the US Virgin Islands government in connection with sex trafficking by Jeffrey Epstein. The subpoenas were first reported by The Wall Street Journal. In addition to Brin and Ovitz, subpoenas are being … Read more

Bank of America’s Andy Sieg joins Citi as head of Global Wealth

Previously, Andy Sieg was president of Merrill Lynch Wealth Management, a position he held for six years. In his new role, he will be the head of Citi Global Wealth, reporting to Jane Fraser, Citi’s CEO. Sieg will begin his new role in September. Merrill Lynch veteran Andy Sieg is leaving Bank of America to … Read more

EU regulators distance themselves from write-downs on Credit Suisse bonds

The Swiss decision has led some Credit Suisse AT1 bondholders to consider legal action, and it has created uncertainty for bondholders around the world. “We wanted to tell investors very clearly, to avoid misunderstandings: we have no choice but to respect this hierarchy,” the chair of the EU’s Single Resolution Board told CNBC. For Eurozone … Read more

UBS appoints Sergio Ermotti as new CEO of the Group, following the acquisition of Credit Suisse

UBS has appointed Sergio P. Ermotti as Group Chief Executive Officer following the agreement to acquire Credit Suisse. Harold Cunningham | Getty Images News | Getty Images UBS on Wednesday appointed Sergio Ermotti as the group’s new CEO, following its recent acquisition of Credit Suisse. The move will take effect April 5, UBS said in … Read more

Stricter rules for banks after SVB collapse?

Senator Tim Scott, RS.C., right, greets Michael Barr, off-camera, Vice Chairman for Oversight of the Board of Governors of the Federal Reserve System, at the Dirksen Building on Tuesday, March 28, 2023. Tom Williams | Cq-roll Call, Inc. | Getty Images This report comes from today’s CNBC Daily Open, our new newsletter for international markets. … Read more

Jamie Dimon is impeached over JPMorgan Chase’s role in Epstein lawsuits

Jamie Dimon, the veteran CEO and chairman of JPMorgan Chase, will be ousted over his bank’s ties to disgraced former financier Jeffrey Epstein, according to a person with knowledge of the matter. Dimon agreed to be interviewed under oath, at an undetermined date in the future, for two civil trials related to convicted sex offender … Read more

How experts say you can have bank deposits over $250,000 insured

The collapse of Silicon Valley Bank and Signature Bank continues to prompt scrutiny of FDIC coverage limits, which are generally $250,000 per depositor. On Friday, President Joe Biden said the FDIC could guarantee deposits of more than $250,000 if further instability occurs. However, experts say it is possible to take out more insurance for your … Read more

First Republic rallies 25% Monday to lead regional banks’ comeback

Bloomberg News reported Saturday that US officials are considering expanding federal programs that provide banks with liquidity, in part to help First Republic search for a buyer. CNBC reported on Saturday that the inflow of deposits into major banks from the smaller regions has slowed significantly. Regional bank stocks have been under a lot of … Read more

The chairman of the Saudi National Bank resigns just days after Credit Suisse’s comments led to a sell-off

The chairman of the Saudi National Bank, Ammar al-Khudairy, has resigned. He will be replaced by SNB Managing Director and Group CEO Mohammed al-Ghamdi. Al-Khudairy’s resignation comes days after his comment in mid-March that SNB was unlikely to increase its stake in Credit Suisse, at a time when the European lender was grappling with an … Read more

Deutsche Bank is not Credit Suisse

A branch of Deutsche Bank AG in the financial district of Frankfurt, Germany, on Friday, May 6, 2022. Alex Kraus | Bloomberg | Getty Images This report comes from today’s CNBC Daily Open, our new newsletter for international markets. CNBC Daily Open brings investors up to speed with everything they need to know, wherever they … Read more