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The Latest Breaking News on Financial Services

Fed official: SVB itself was main cause of bank's failure

The nation’s top financial regulator is asserting that Silicon Valley Bank’s own management was largely to blame for the bank’s failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse

The Independent UK

BKI allocates B1bn to buy local shares

SET-listed Bangkok Insurance (BKI) has set aside 1 billion baht for its investment in Thai shares this year, with a focus on banking stocks that are projected to yield higher returns than last year as interest rates rise, says chairman Chai Sophonpanich.

Bangkok Post

Australian banks are boring, scrutinised … and safe, says APRA boss

In his first public speech, the chair of bank, insurance and super regulator APRA moves to reassure Australians that our banks are safe amid the recent turmoil on global financial markets.

ABC News

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Local banks ‘well-positioned’ to resist overseas storm

Australia's financial system is in a strong position to withstand a banking crisis overseas, say the financial services minister and banking association chief.

The New Daily

News briefs

Lawmakers open to Biden’s call to claw back SVB executive pay

Tribune News Service

Local banks 'well positioned' to resist overseas storm

Australia's financial system is in a strong position to withstand a banking crisis overseas, say the financial services minister and banking regulators.

AAP

BBL outstrips credit card spending target for 2 months

Bangkok Bank (BBL) has surpassed its credit card spending target for the first two months of 2023, driven by the recovery of Thailand's economy and tourism sector.

Bangkok Post

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FDIC grants First Citizens rare credit line for SVB

First Citizens BancShares Inc.’s acquisition of Silicon Valley Bank came with an unusual provision: a $70 billion line of credit, courtesy of the Federal Deposit Insurance Corp.

Tribune News Service

ASX follows global gains; restaurants, cafes and bars most at risk from consumer 'recession' — as it happened

The local share market rises strongly. Retail sales slow, raising questions about the Reserve Bank's next move. Here's how it unfolded on the ABC News markets blog.

ABC News

Stock Market Today: Stocks Finish Mostly Higher After First Citizens Buys SVB Assets

The Nasdaq closed lower, though, as mega-cap tech stocks declined.

Kiplinger

Mayor and council leader welcome US ambassador to Manchester

The ambassador's visit come just weeks after the Mayor and Council leader visited America themselves.

Manchester Evening News

Fed official: Regulators will ensure all deposits are 'safe'

The nation’s top financial regulator pledged that the Federal Reserve and other agencies will take whatever steps they deem necessary to protect depositors and the banking system two weeks after two large bank collapses triggered financial turmoil in the United States and Europe

The Independent UK

Top Fed official: Silicon Valley Bank was "textbook case of mismanagement"

A congressional hearing on Silicon Valley Bank’s failure will begin on Tuesday.

Axios

Lawmakers open to Biden’s call to claw back SVB executive pay

WASHINGTON — President Joe Biden’s call for legislation that would allow regulators to claw back executive bonuses and stock sale proceeds in the lead up to the Silicon Valley Bank collapse has found a receptive audience on Capitol Hill.

Tribune News Service

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Chicago Sun-Times

Bank of America becomes new Boston Marathon sponsor

The bank has sponsored the Chicago Marathon for the last decade. Unlike that race, which is officially named the Bank of America Chicago Marathon, the Boston Marathon will keep its name, with the “presented by Bank of America” tagline.

Caixin Global

Editorial: Lessons From the Collapse of Silicon Valley Bank

By taking every crisis suffered by others seriously, we can minimize our own crises

McClatchy Washington Bureau

Will US consumers have to bail out struggling banks?

WASHINGTON — Could taxpayers wind up bailing out wealthy customers at banks such as Silicon Valley Bank, Signature Bank and others that are struggling?

Tribune News Service

First Citizens Bank will buy Silicon Valley Bank

RALEIGH, N.C. — Raleigh’s First Citizens Bank is buying most of Silicon Valley Bank, the tech-focused financial institution which collapsed earlier this month.

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The Guardian - UK

Saudi National Bank chair resigns after Credit Suisse comments

Ammar Al Khudairy’s remarks about Swiss lender spurred investor panic that led to emergency takeover

Axios

Money's moving out of the banking system

Where is it landing?

Manchester Evening News

Barclays to close 14 more branches across England and Wales - full list

Locations will shut down across England and Wales as the bank announces a new scheme to meet customer needs

Evening Standard

Family run US bank rescues tech lender Silicon Valley Bank

FAILED tech lender Silicon Valley Bank was taken over today by First Citizens in a deal that will cost about $20 billion but offered hope that the crisis of confidence in the global banking system could be easing.

WEKU

The FDIC says First Citizens Bank will acquire Silicon Valley Bank

First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world.

The Guardian - UK

Silicon Valley Bank: most of failed lender bought by First Citizens

Collapse of tech sector lender will cost about $20bn in deposit insurance payouts, say US regulators

The Guardian - UK

Markets rally despite banking fears; UK retailers turn optimistic after bleak winter – as it happened

Shares in First Citizens Bank surge 45% as it agrees to buy much of Silicon Valley Bank, while Saudi National Bank’s Ammar Alkhudairy resigns

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