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1 | As governments work to mitigate a global banking contagion, UBS has agreed to buy Credit Suisse for $3.2B thanks to intervention from the Swiss government. Over the past few weeks, Credit Suisse has made headlines for the wrong reasons as it struggled through "material weaknesses" in its financial reporting and illiquidity concerns. Q: Will governments succeed in stopping the banking contagion? Share your thoughts at Inside.com. |
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2 | Biotech firm Illumina criticized Carl Icahn's proxy fight, which stems from the company's 2021 acquisition of cancer test developer Grail, saying his board nominees "do not add value." Last week, Icahn sent an open letter to the company's shareholders, claiming Illumina overpaid for Grail and calling the company "reckless" for not getting approval from European regulators before closing the deal. |
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3 | JPMorgan Chase is advising First Republic Bank on strategic alternatives as its stock continues to plummet. First Republic, which has struggled with large cash outflows following the SVB collapse, is weighing a sale and a capital raise that would dilute current shareholders. |
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4 | The FDIC plans to relaunch its auction for Silicon Valley Bank after failing to attract any buyers during the first sale. People familiar with the process say the FDIC is leaning towards a break-up of SVB, in which the failed bank would get sold in at least two parts. |
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5 | Amazon is laying off 9,000 more employees, CEO Andy Jassy announced in a memo sent to employees on Monday. The newest job cuts are in addition to a series of 18,000 layoffs that began in November. Q: Will Amazon conduct further layoffs in 2023? Tell us what you think at Inside.com. |
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6 | Flagstar Bank, a New York Community Bancorp subsidiary, has entered an agreement to purchase Signature Bank's deposits and loans. Last weekend, Signature Bank was closed by New York state regulators, becoming one of the two banks that fell into FDIC receivership. |
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7 | Virgin Orbit senior leadership is scrambling to secure emergency funding and avoid bankruptcy after pausing operations last week and furloughing nearly all its staff. After holding meetings with potential investors throughout the weekend, CEO Dan Hart told employees he hoped to provide an update on the situation on Wednesday. |
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