Banking

Shares of Southeast Asia’s largest bank DBS Group were down 1.4% on Thursday, a day after a 10-hour outage of its digital services.

U.S. stocks rallied Wednesday as both banks and big tech rebounded. For markets still reeling from the banking crisis, no news is good news.

The recent bank failures reinforce a recession is imminent and there’s a new chart reflecting it, according to the Economic Cycle Research Institute.

“We need competent financial supervisors. But Congress can’t legislate competence,” House Financial Services chairman Rep. Patrick McHenry told regulators.

New UBS CEO Sergio Ermotti on Wednesday said his return to the helm was “a call of duty,” as the Swiss veteran takes on the task of restoring order to the country’s bruised financial system.

The bank notoriously pleaded guilty in 2014 to criminal charges for "knowingly and willfully" helping U.S. clients hide offshore assets and income from the IRS.

Dave Chapman of BC Technology Group says the United States is a "very difficult region to navigate from a regulatory standpoint."

Chiradeep Deb, managing director and global head of investment banking at Mashreq bank, says, however, that "the allocation of capital and allocation across the credit spectrum could be very, very different."

UBS gets a new Group CEO, and U.S. regulators said they favor more stringent rules on banks. Big changes are coming to banks.

Mark Berman, former U.S. Securities and Exchange Commission lawyer, says "very strong messages need to be sent to ringfence and prevent systemic risk and contagion."