Ermotti, who previously served as UBS' CEO for nine years, is familiar with UBS and the Swiss financial landscape, qualities seen as critical for the integration.
Firm faces pressure from bond losses and rising cash yields but executives say business is misunderstood and has enough liquidity.
Without more green investments, the likelihood of avoiding the worst impacts of climate change becomes increasingly remote, according to the IPCC.
The deal transforms North Carolina-based First Citizens into one of the top 15 U.S. banks, as it buys about $72 billion of SVB's assets at a discount of $16.5 billion.
As the Justice Department investigates whether financial professionals helped Russian oligarchs evade sanctions, subpoenas also went to employees of some major US banks.
Citi alleges Steven Taub is violating a 12-month nonsolicitation agreement and has already convinced clients to move more than $100 million.
Bids are also still due Friday for the so-called bridge bank that the FDIC set up this month to seize the assets and liabilities of Silicon Valley Bank.
It’s the second straight rise of 25 basis points following a string of aggressive moves starting in March 2022, when rates were near zero.
Even though the S&P 500 fell 19% last year, fund managers’ sales of securities to adjust their positions can result in capital gains.
The stock led a broad-based rally in U.S. banks, with the KBW Regional Banking Index surging 4.8% for its biggest gain since January 2021.
