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.
In addition, Fitch places UBS on rating watch negative due to uncertain implications of the acquisition on the combined credit profile of the two banks.
The Treasury Secretary's comments come amid heightened worries about financial stability after the collapse of two US banks and UBS' deal to buy troubled Swiss rival Credit Suisse.
The measure would have rescinded the DOL rule allowing retirement plans to consider environmental, social and governance issues in their investment decisions.
