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The Latest Breaking News from Silicon Valley Bank

Lawmakers are split on how to respond to the recent bank failures

Days after the failure of two regional banks shook the financial industry, lawmakers say they want answers but disagree on what role Congress should play right now.

WEKU

New CEO of failed Silicon Valley Bank was once fired from his Charlotte banking job

The new CEO of failed Silicon Valley Bank is a familiar name to many in Charlotte’s banking community — Tim Mayopoulos was fired as general counsel of Bank of America in 2008 in the midst of the financial crisis and escorted out of the office by an HR representative.

Tribune News Service

Banks said to be working on rescue plan for First Republic

Some of America’s largest banks are working on a rescue package for First Republic Bank

The Independent UK

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Credit Suisse and SVB banking crises are 'not a repeat of 2008'

The sudden collapse of Silicon Valley Bank and renewed crisis at Credit Suisse are raising fears of another global financial crisis, but most experts agree that we shouldn't worry too much … yet.

ABC News

Elizabeth Warren slams Powell for weak regulation, oversight of SVB

Senator Elizabeth Warren blasted Federal Reserve Chair Jerome Powell for “an astonishing list of failures” that contributed to the collapse of Silicon Valley Bank and Signature Bank in a letter to the Fed chief Wednesday.

Tribune News Service

Silicon Valley Bank flagged risks from remote work on performance in its latest annual report

Remote work “reduced productivity and/or significant disruptions in our business operations," SVB said in its 2023 annual report published last month.

Fortune

How crypto Ponzi scheme threatens banks

It’s the big bank failure story no one is talking about

Salon

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The DOJ And The SEC Probing The Investigations Of The Collapse Of Silicon Valley Bank

The investigation of the failure of Silicon Valley Bank involve shares that sold and bonds that were bought by the bank

Zenger

Yellen seeks to reassure US legislators after bank collapse

Treasury chief tells lawmakers customers ‘can feel confident that their deposits will be there when they need them’.

Al Jazeera

Yellen: Debt limit breach would be 'devastating' for banks - Roll Call

Treasury Secretary Janet L. Yellen told senators on Thursday that the banking system remains sound despite Silicon Valley Bank's collapse.

Roll Call

What happened to Credit Suisse and what’s at stake if it goes bust? REDIRECTED

The Asian and Australian stock markets fell following the panic

The Independent UK

Silicon Valley Bank: what really happened and what it means for London

Silicon Valley Bank almost collapsed this week until leading figures in the US and UK stepped in — but what is the bank and why did it create such panic? Rohan Silva reports

Evening Standard

Top GOPer: No need for tougher bank rule

Critics say Mike Crapo's law exempting SVB and others from stricter requirements led to collapse

Salon

Janet Yellen says ‘serious risk of contagion’ prompted intervention in banking crisis – as it happened

Senate finance committee holds hearing on bank’s collapse and the role relaxing banking regulations had in the crisis

The Guardian - US

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The Independent UK

Janet Yellen says US banking system ‘remains sound’ and Americans should be ‘confident’

Treasury Secretary appears before the Senate Finance Committee a week after the second-largest bank collapse in the nation’s history

The Conversation

US regulators avoided a banking crisis by swift action following SVB's collapse – but the cracks it exposed continue to weaken the global financial system's foundation

U.S. regulators’ swift reaction to the collapse of Silicon Valley Bank and two other lenders partially restored calm to markets, but concerns remain over the stability of the global financial system.

WEKU

Credit Suisse shares soar after the bank secures a $54 billion lifeline

Shares of the Swiss banking giant rallied significantly Thursday after Switzerland's central bank agreed to lend it $54 billion.

The Independent UK

Yellen to tell Congress US banking system 'remains sound'

Treasury Secretary Janet Yellen says the U.S. banking system remains sound

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The Guardian - UK

First Thing: Autopsy of ‘Cop City’ activist shot by police still incomplete

Manuel Paez Terán’s family say other state agencies have also failed to release information about activist’s death. Plus, how the first Twitter-fuelled bank run played out

Asharq Al-Awsat

SVB Collapse Dominates Discussions at Financial Sector Conference in Saudi Arabia

The collapse of the California-based Silicon Valley Bank (SVB) dominated most sessions and workshops of the Financial Sector Conference in Riyadh. The repercussions of SVB’s recent bankruptcy caused shock and confusion worldwide, especially for economies that fear that the crisis will spillover to their financial institutions. Saudi Minister of Finance…

The Independent UK

Bank turmoil casts shadow over Europe interest rate decision

Concerns about the world's banks are casting a shadow over the European Central Bank's meeting

Tribune News Service

Jonathan Bernstein: Blaming SVB on ‘woke’ banks masks Republican divide

Politicians generally don’t like looking silly. And yet a whole bunch of Republican politicians reacted to the collapse of Silicon Valley Bank by raging about “woke” banking” in ways that made them appear ridiculous to anyone actually concerned about the danger to the banking system and the economy.

Tribune News Service

Editorial: SVB failure adds to tech industry’s greedy image

Day by day, month by month, year by year, greed is ruining the tech industry’s image.

Tribune News Service

Editorial: SVB mess demands a rethink on government bailouts

The demise of Silicon Valley Bank has put the U.S. government into an uncomfortable position, backstopping depositors like never before to prevent a broader and potentially devastating bank run.

The Guardian - AU

‘The first Twitter-fuelled bank run’: how social media compounded SVB’s collapse

The speed at which Silicon Valley Bank collapsed has left experts questioning whether social media has opened up entirely new risks in the world of finance

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