The New York-based company, which has clients in sectors ranging from healthcare to retail, edged past estimates for fourth-quarter net revenue. Rival Omnicom also reported better-than-expected quarterly revenue earlier this week. Interpublic continues to expect the conflict in the Middle East and "austerity among clients in the tech and telecom sector" to impact the company's overall growth, CEO Philippe Krakowsky said.
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New York Community Bancorp's (NYCB) string of bad luck continues as its stock moves lower after reporting troubling earnings results and suffering a credit downgrade by Moody's. Nearly a year after 2023's regional banking crisis, what is NYCB signaling for the financial sector and commercial real estate? Former Chair of the FDIC Sheila Bair highlights what another round of regional banking turmoil could look like and what the Biden administration and regulators should be watching closely. "We saw... runs on uninsured deposits after we had the three failures last spring, even with the so-called systemic risk determination and the government saying they were going to protect uninsured, you still saw a run," Bair, who is also a senior fellow at the Center for Financial Stability and former Assistant Secretary for Financial Institutions of the US Treasury Department, tells Yahoo Finance. "So that instability... is still there, there's less reliance now among these mid-sized banks on uninsured. It's still significant, but I don't for the life of me understand why the Biden administration has not asked Congress to reinstate the FDIC's authority to provide temporary emergency expanded deposit guarantees." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Luke Carberry Mogan.
