“I’m really turning more bearish,” Jeffrey Gundlach, CEO of DoubleLine, told CNBC on Wednesday, after the Federal Reserve raised rates by another 25 basis points to the highest level since 2007. “It just seems to me that deposits are going to keep drifting out,” Gundlach told the business network. “I…
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The costs of powerful backstops for banks are in the spotlight after First Republic Bank’s failure and sale to JPMorgan Chase pushed the tally of recent assets seized by regulators from three banks above the 2008 crisis peak.The Federal Reserve created a new Bank Term Funding Program in early March,…
Bed Bath and Beyond Inc., which filed for chapter 11 bankruptcy last month, has filed complaints against two ocean carriers, claiming that they abandoned their service commitments to the troubled home goods retailer. The Wall Street Journal first reported Tuesday that Bed Bath and Beyond filed a complaint with the…
PacWest Bancorp PACW shares tumbled more than 50% in after-hours trading Wednesday, taking other bank stocks with it after a report that the company’s executives were weighing a possible sale. The report, from Bloomberg News, adds to the concerns over the financial stability of regional banks, following the collapse in…
Mullen Automotive Inc. will conduct a 1-for-25 reverse stock split as the electric-vehicle company looks to maintain its Nasdaq listing. The company’s stock, which has been attracting meme-like attention, ended Wednesday’s session down 21.1%. The stock will continue to trade on the Nasdaq Capital Market under the existing symbol “MULN”…
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Stock-market traders were in no mood for subtlety Wednesday. The Federal Reserve and its leader, Chair Jerome Powell, left the door open to a halt in rate increases after delivering, as expected, a 10th straight hike that lifted the fed-funds rate to a range of 5% to 5.25%, its highest…
Unity Software Inc. will cut about 600 jobs in its third and largest round of layoffs over the past year. A filing with the Securities and Exchange Commission on Tuesday said San Francisco-based Unity will trim about 8% of its workforce, and expects to incur about $26 million in charges…
Apple’s latest move into financial services is generating a lot of attention. Last month, Apple AAPL launched its new Apple Card savings account. It offers an attractive interest rate and allows users to move seamlessly between the savings account and credit card while using their iPhone. But is it the…