5 Things to Know Before Markets Open

News of the day for March 29, 2023

UBS Bank Window

Dan Kitwood / Staff / Getty Images

Former CEO Sergio Ermotti returns to UBS to help with Credit Suisse transition and bank regulators prepare for another day of questioning on oversight failures. Here’s what investors need to know today.

1. Former UBS CEO Returns to Oversee Credit Suisse Takeover

UBS said former CEO Sergio Ermotti will return to lead the bank through its takeover of Credit Suisse. Ermotti previously ran UBS for nine years and will lead the bank following the $3.2 billion takeover of Credit Suisse.

2. Lawmakers Again Grill Bank Regulators on Oversight Failures

Bank regulators face a second day of grilling before lawmakers today, this time discussing the collapse of Silicon Valley Bank and Signature Bank before the House Financial Services Committee. Fed Vice Chair for Supervision Michael Barr and FDIC Chair Martin Gruenberg are scheduled to testify.

3. Prosecutors Charge FTX's Bankman-Fried of Bribing Chinese Officials

U.S. prosecutors unveiled a new indictment against Sam Bankman-Fried, accusing the founder of the now bankrupt FTX cryptocurrency exchange of bribing Chinese officials with $40 million in cryptocurrency to unfreeze the hedge fund’s accounts. The indictment is the third charge Bankman-Fried has faced since the collapse of FTX.

4. Apple Unveils Buy Now Pay Later Service

Apple launched its buy now, pay later service in the U.S., a move that is likely to disrupt the financial technology sector dominated by firms like Affirm and Swedish payments company Klarna. The service, Apple Pay Later, will allow users to split purchases into four payments over six weeks with no interest or fees.

5. Micron Shares Up on Stronger Memory Chip Forecast

Micron Technology (MU) shares are up 2.7% in pre-market trading after the memory chip maker gave a better forecast for the current quarter than some analysts had feared, sparking hopes the worst could be over for the industry. The chip company reported a fiscal second quarter loss that was wider than expected and sales dropped 53%. It announced the company would be cutting staff by 15%, up from previous announced cuts of 10%.

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  1. CNBC. ”Sergio Ermotti returns as UBS CEO to oversee Credit Suisse takeover.”

  2. The Hill. “Lawmakers slam regulators following Silicon Valley Bank failure.”

  3. CNN. “FTX founder Sam Bankman-Fried tried to bribe Chinese officials, prosecutors say.”

  4. CNBC. “Apple launches its Pay Later service.”

  5. Reuters. “Memory chipmaker Micron expects revenue drop, expects AI to boost sales in 2025.”

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