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Public pension plan losses from bank failures seen as minor

The Associated Press When two tech-linked U.S. banks failed this month, among the investors who lost millions were public-sector pension funds responsible for ensuring the retirements of teachers, firefighters and other government workers. The pension funds, like others, have reaped the benefits of bull markets and, like many investors, have suffered when investments soured. Last year, many lost value when their investments in Russian assets became nearly worthless after most of the world froze out that nation’s economy following its invasion of Ukraine. Some held stock in ...

Pay transparency spreading following recent legislation

By CORA LEWIS The Associated Press NEW YORK — U.S. employers are increasingly posting salary ranges for job openings, even in states where it’s not required by law, according to analysts with several major job search websites. Following new legislation in New York City, California, Washington, Colorado, and elsewhere, employers across the country are becoming more transparent about pay in order to stay competitive with companies in states that require employers to post salary ranges, experts say. A tight labor market and significant increase in remote work have also contributed ...

First Republic Bank shares slide in volatile trading session

The Associated Press Trading in shares of First Republic Bank was halted multiple times on Monday as uneasiness still surrounds the financial institution following its $30 billion rescue package. First Republic Bank received a $30 billion rescue package from 11 of the biggest U.S. banks last week in an effort to prevent its collapse. First Republic Bank has since been downgraded by S&P Global Ratings which said that the rescue package should ease near-term liquidity pressures, but it may not solve the substantial business, liquidity, funding, and profitability challenges that it ...

Wall Street strengthens after big bank deal, regulator moves

NEW YORK (AP) — Wall Street is rising Monday after regulators pushed together two huge banks over the weekend and made other moves to build confidence in the struggling industry. The S&P 500 was 0.9% higher in afternoon trading, with stocks in the financial industry helping to lead widespread gains. The Dow Jones Industrial Average was up 407 points, or 1.3%, at 32,270, as of 1:16 p.m. Eastern time, while the Nasdaq composite was 0.3% higher. Much attention has been on banks because they may be cracking under the pressure of the fastest flurry of hikes to interest rates in decades. ...

Ford recalls 1.5M vehicles to fix brake hoses, wiper arms

DETROIT (AP) — Ford is recalling more than 1.5 million vehicles in the U.S. in two actions to fix leaky brake hoses and windshield wiper arms that can break. The largest of two recalls covers nearly 1.3 million 2013 through 2018 Ford Fusion and Lincoln MKX midsize cars. The company says in documents posted Friday by safety regulators that the front brake hoses can rupture and leak brake fluid. That would increase brake pedal travel and make stopping distances longer. Dealers will replace the hoses. Ford will mail owner notification letters starting April 17. They’ll get a second ...

Parent company of Silicon Valley Bank files for bankruptcy protection

The Associated Press The parent company of Silicon Valley Bank filed for Chapter 11 bankruptcy protection Friday, a week after the tech-focused bank failed in a sudden collapse that set off fears of wider problems in the global banking system. The filing from SVB Financial Group was widely expected, with much of the company now under the control of banking regulators. The bank was seized last week by the federal government. In other developments, the bank, its CEO and its chief financial officer were targeted in a class action lawsuit that claims the company did not disclose the ...