CNBC Daily Open: After SVB collapse, stricter rules coming for banks?
Publishing timestamp: 2023-03-28 19:42:19
Summary
Regulators testified before the US Senate on the collapse of SVB and expressed their support for more stringent rules for banks with over $100 billion in assets. Alibaba announced it will split into six business groups, causing its US-listed shares to rise. Former FTX CEO Sam Bankman-Fried was indicted for allegedly paying at least $40 million in cryptocurrency to bribe Chinese government officials. Goldman Sachs predicts that generative AI will add $7 trillion in global economic growth over the next decade. US markets were focused on inflation and interest rate fears rather than the banking crisis, with the Nasdaq Composite falling for the second day and the S&P 500 and Dow Jones Industrial Average also declining.
Sentiment: NEUTRAL
Keywords: u.s. department of the treasury, banks, technology, markets, interest rates, business news, economic events, federal reserve bank, goldman sachs bdc inc, world markets, jack ma, alibaba group holding ltd, united states, inflation,