Run on US bank

[QuantumStacker]

4 minutes ago, HerefordBullyun said:

Not looking good is is it?

https://www.zerohedge.com/markets/small-banks-are-crashing 

There is no way there is any trust left, it’s going to get worse I think. 

[Roy]

[ArgentSmith]

4 minutes ago, Roy said:

 

[QuantumStacker]

2 minutes ago, ArgentSmith said:

 

Got mine out as soon as I heard SVB was going down. Had most in Gold anyway. 

[HerefordBullyun]

U.S. Regional Bank Stocks Now:

1. Western Alliance, $WAL: -75%

2. First Republic, $FRC: -65%

3. Zions Bancorp, $ZION: -43%

4. PacWest, $PACW: -41%

5. Comerica, $CMA: -33%

6. Fifth Third, $FITB: -20%

[HerefordBullyun]

[ArgentSmith]

1 minute ago, HerefordBullyun said:

When experienced or sophisticated players want to exit a large position it is common practice to employ a tipster/hack to manufacture a bid on the other side of their trade. This is what Crammer does for a living.

[GoldDiggerDave]

 

[GoldDiggerDave]

The FED is going to have to dream up a few more dollars for the banks.  

 

[Zeuk]

More and more it seems to me this is amplified by social media, banks are going to have to adjust the risks they take in a world where rumour can hit a population in seconds, and the effect of that rumour is a run. 

[GoldDiggerDave]

29 minutes ago, Zeuk said:

More and more it seems to me this is amplified by social media, banks are going to have to adjust the risks they take in a world where rumour can hit a population in seconds, and the effect of that rumour is a run. 

Wow!  That’s a very shortsighted viewpoint, so the  bankers run a bank into the ground and it’s the fault of the people reporting it? 
 

Regardless of any negative news some of the losses of these banks are  biblical, not the result of negative news, the result of reckless management, they operate a business knowing they are untouchable. 

[Paul]

1 hour ago, GoldDiggerDave said:

Wow!  That’s a very shortsighted viewpoint, so the  bankers run a bank into the ground and it’s the fault of the people reporting it? 
 

Regardless of any negative news some of the losses of these banks are  biblical, not the result of negative news, the result of reckless management, they operate a business knowing they are untouchable. 

But they have cracking ESG scores and an highly effective inclusive diversity employment policies 

[Zeuk]

1 hour ago, GoldDiggerDave said:

Wow!  That’s a very shortsighted viewpoint, so the  bankers run a bank into the ground and it’s the fault of the people reporting it? 
 

Regardless of any negative news some of the losses of these banks are  biblical, not the result of negative news, the result of reckless management, they operate a business knowing they are untouchable. 

Tbh I think it’s quite evidential that social media now effects the markets in ways it hasn’t previously. It’s not a one or the other polarised argument 

[Paul]

Rob a bank you go to prison, run a bank you can rob the World 

[GoldDiggerDave]

If you look at the bigger picture all the western economies are being run like a "one world government"  all synchronous swimming  printing money increasing interest rates all at the same time, they even belt out the same slogans.   

All western fiat is being printed out of existence at ever faster rates and the governments are pretending its a good thing by saving us from one financial  disaster or another, there will be another financial establishment that needs a bail out soon either in the UK or Europe so they can justify printing a few more trillion pounds or Euros just so they call all keep in sync.

We have seen the sharpest raise in the cost of living in generations and they are still pumping out more cash and most people can't see this is making us all collectively poorer.   Anyone highly exposed to inflation or in the rent/debt cycle are going to be far worse off in the coming years.  

The final death-nail for fiat.........I'd have a guess and say UBI.  

[HerefordBullyun]

@GoldDiggerDave Not just the west buddy. Bank of Japan owns a majority of its own mortgage securities now, when that pops, a tsunami of dollars is coming back to US. The economy will be flooded with excess dollars which in turn drastically weaken it, that contagion will spread to other financial industries in the west, fundamentally its a house of cards, the domino effect will ensue. There arent many stocks on the Tokyo Stock exchange they dont own, being electronic and car producers, thats it!

Edited March 14, 2023 by HerefordBullyun

[jultorsk]

Large US banks are being inundated with requests from customers trying to transfer funds from smaller lenders, as the failure of Silicon Valley Bank results in what executives say is the biggest movement of deposits in more than a decade. JPMorgan Chase, Citigroup and other large financial institutions are trying to accommodate customers wanting to move deposits quickly, taking extra steps to speed up the normal sign-up or “onboarding” process, according to several people familiar with the matter.

A package of emergency measures unveiled by the US government on Sunday, including a new Federal Reserve lending facility for banks, appears to have passed its first major test for now by staving off the failure of a third bank following the implosion of SVB and Signature Bank.

However depositors are still attempting to move balances into larger banks such as JPMorgan, Citi and Bank of America, as well as money market funds, the people said. That is especially the case when balances exceed the $250,000 threshold that is guaranteed by federal insurance. Deposit transfers from SVB and other regional lenders to large banks picked up steam last week and continued on Monday, the people said. “The calls have been coming in today like airplanes stacked on a snowy day at O’Hare airport,” said one senior banker, referring to Chicago’s busy aviation hub. JPMorgan has shortened the waiting time for opening an account and is expediting the speed at which new corporate customers can access funds to ensure they can pay staff at the end of this week, according to one person briefed on the matter.

Several banks have reassigned employees to jobs connected to account openings, the people said. Citi’s private bank, which caters to wealthy individuals, is trying to open accounts within a day of application compared with the typical timeline of one to two weeks, some of the people said. The lender has also started to open accounts and initiate money transfer procedures while the new client is still undergoing compliance checks.

https://www.ft.com/content/2b580939-a4b6-48d2-8eb6-629b4cb1e06c

[jultorsk]

https://www.cnbc.com/2023/03/14/cre...reporting-says-outflows-not-yet-reversed.html

Shares of Credit Suisse fell by 5% in early Tuesday trade to hit a new all-time low, after the bank announced it had found “material weaknesses” in its financial reporting processes for 2022 and 2021.
In the Tuesday annual report, Credit Suisse revealed that it had identified “certain material weaknesses in our internal control over financial reporting” for the years 2021 and 2022.
These issues related to a “failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements” and various flaws in internal control and communication.
Despite this, the bank said that it was able to confirm that its financial statements over the years in question “fairly present, in all material respects, [its] consolidated financial condition.”
Credit Suisse further said its net asset outflows had declined but “not yet reversed.” The bank confirmed its 2022 results announced Feb. 9, which showed a full-year net loss of 7.3 billion Swiss francs ($8 billion).

--

Credit Suisse acknowledged that these circumstances have “exacerbated and may continue to exacerbate” liquidity risks. The reduction in assets under management is expected to result in reduced net interest income and recurring commissions and fees, in turn affecting the bank’s capital position objectives.

“A failure to reverse these outflows and to restore our assets under management and deposits could have a material adverse effect on our results of operations and financial condition,” the report said.

[HerefordBullyun]

17 hours ago, HerefordBullyun said:

[Oddjob]

1 hour ago, jultorsk said:

Large US banks are being inundated with requests from customers trying to transfer funds from smaller lenders, as the failure of Silicon Valley Bank results in what executives say is the biggest movement of deposits in more than a decade. JPMorgan Chase, Citigroup and other large financial institutions are trying to accommodate customers wanting to move deposits quickly, taking extra steps to speed up the normal sign-up or “onboarding” process, according to several people familiar with the matter.

A package of emergency measures unveiled by the US government on Sunday, including a new Federal Reserve lending facility for banks, appears to have passed its first major test for now by staving off the failure of a third bank following the implosion of SVB and Signature Bank.

However depositors are still attempting to move balances into larger banks such as JPMorgan, Citi and Bank of America, as well as money market funds, the people said. That is especially the case when balances exceed the $250,000 threshold that is guaranteed by federal insurance. Deposit transfers from SVB and other regional lenders to large banks picked up steam last week and continued on Monday, the people said. “The calls have been coming in today like airplanes stacked on a snowy day at O’Hare airport,” said one senior banker, referring to Chicago’s busy aviation hub. JPMorgan has shortened the waiting time for opening an account and is expediting the speed at which new corporate customers can access funds to ensure they can pay staff at the end of this week, according to one person briefed on the matter.

Several banks have reassigned employees to jobs connected to account openings, the people said. Citi’s private bank, which caters to wealthy individuals, is trying to open accounts within a day of application compared with the typical timeline of one to two weeks, some of the people said. The lender has also started to open accounts and initiate money transfer procedures while the new client is still undergoing compliance checks.

https://www.ft.com/content/2b580939-a4b6-48d2-8eb6-629b4cb1e06c

 

Our paid lackeys in the press are doing a wonderful job of undermining public confidence in the smaller banks and driving those customers and their money to us.

 

[GoldDiggerDave]

Credit Sussie has been on the ropes for years......

 

[GoldDiggerDave]

A few banking experts are doing out with this saying....."the world wide banking systems requires asset debasement"     Well thats code for another tsunami of cash.  

Slightly off topic but a question we could do with trying to answer, if there is a bigger banking crash or economic turmoil and either banks fail or restrict  transactions, how are we supposed to liquidate our PM's?    

Cash under the mattress is not looking too bad of a strategy at the moment.  

[HerefordBullyun]

40 minutes ago, GoldDiggerDave said:

Credit Sussie has been on the ropes for years......

 

CS is being bailed out central bank of switzerland are doing so announced it last night. They are up 5% pre market

[GoldDiggerDave]

1 hour ago, HerefordBullyun said:

CS is being bailed out central bank of switzerland are doing so announced it last night. They are up 5% pre market

You can't make it up can you.   Next Deutsche bank?   Then a bank in the UK?   It's more synchronous  QE 

[HerefordBullyun]

14 minutes ago, GoldDiggerDave said:

You can't make it up can you.   Next Deutsche bank?   Then a bank in the UK?   It's more synchronous  QE 

Too big to fail mate, thats the problem not the solution.

They wont have a great reset until CBDCs are introduced absolute fact. There will be more banks going down between now and then.

Until then the tax payer will be picking up the tab, and the most frightening thing about CBDC's is you will be taxed at source immediately and it will be instant. 

The bail outs will  continue until morale improves.....