Bank Stocks

Banks are finding it hard to recover from the fallout caused by the collapse of Silicon Valley Bank and Signature Bank last month.

Markets have been rocked by the biggest banking crisis since the 2008 financial crash.

US stocks are rising after First Citizens' Bank is to buy up most of SVB's loan book & as US authorities consider additional support to the banking system.

Stocks edge higher after steep losses yesterday. Banks recovery from Yellen's comments and US jobless claims unexpectedly fall.

US treasury secretary Janet Yellen has arguably stolen the show from the FOMC meeting, thanks to her comments on banking deposits which saw Wall Street slide into the close.

Stocks point to a flat open as investors wait cautiously for the Fed rate decision. A 25 bps hike is priced in as the Fed balance fighting inflation with stresses in the banking sector.

Credit Suisse has been the hardest hit as concerns about the health of the US financial system spread over into Europe.

How did SVB collapse and what does it mean for financial markets?

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Bank of America is expected to report its fourth consecutive quarter of lower earnings, but they are expected to start growing again in 2023.

JPMorgan is set to report lower earnings for a fifth consecutive quarter but profits are expected to bounce back in 2023.

US banks are set to underperform and report a sharp drop in earnings as provisions and charge-offs continue to grow amid the uncertain outlook.

Wall Street forecasts Barclays’ pre-tax profit will fall -8.2% from last year to £1.80 billion...

Wall Street forecasts Barclays’ pre-tax profit will fall -8.2% from last year to £1.80 billion...

Citigroup has been among the worst performers among major US banks this year.