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The Latest Breaking News from SVB

Stocks Set to Open Higher as SVB Deal Calms Banking Sector Fears

June S&P 500 futures (ESM23) are up +0.34%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.15% this morning as market participants welcomed the news that First Citizens BancShares had agreed to acquire Silicon Valley Bank’s deposits and loans.

Barchart

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.

Evening Standard

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.

WEKU

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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

The Guardian - UK

Banking sector sees boost as First Citizens acquires failed SVB

SVB’s purchase gives markets some respite amid growing concerns over financial health of global banking system.

Al Jazeera

First Citizens buys Silicon Valley Bank

NEW YORK: First Citizens BancShares Inc agreed to buy Silicon Valley Bank which was seized by regulators following a run on the lender.

The Times of India

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FDIC: First Citizens Bank to acquire Silicon Valley Bank

The Federal Deposit Insurance Corp. says it has agreed on the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co. The sale involves the sale of all deposits and loans of SVB to First-Citizens

The Independent UK

First Citizens agrees to buy Silicon Valley Bank

This is a step toward stabilizing America's regional banking sector, after a month of tumult.

Axios

How can we maximize woke's potential while minimizing the culture war's divisiveness?

The recent collapse of Silicon Valley Bank (SVB) and other major banks has raised fears about a potential 2008-style banking crisis. While this seems unlikely, like so many events these days, SVB’s failure has also been caught in the sticky rhetorical web of the culture war.

The Conversation

Silicon Valley Bank failure unites Democrats and Republicans in fundraising

WASHINGTON — The collapse of Silicon Valley Bank has united deeply divided lawmakers toward a singular goal: raising money off the news.

Tribune News Service

Is this crisis (really) like 2008? - Roll Call

Amias Gerety, former Treasury Department official, discusses what’s new, and what’s different in the SVB and Credit Suisse banking turmoil

Roll Call

'We view this as an irrational market,' Citigroup analysts worry that major bank stocks like Deutsche Bank are cratering for psychological reasons

Citi really fears the "knock-on impact from various media headlines on depositors psychologically," regardless of whether the initial reasoning was correct.

Fortune

A legal scholar says the Dodd-Frank act put in place after the Great Recession proved to be useless amid SVB's collapse

“Dodd-Frank is still on the books, but its...as good as dead. What good does it do to have a massive set of regulations...if they aren't enforced?” Adam Levitin, a Georgetown University law professor wrote Thursday.

Fortune

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Tribune News Service

Volcker slayed inflation. Bernanke saved the banks. Can Powell do both?

History remembers Paul Volcker as the slayer of inflation, and Ben Bernanke as the crisis firefighter. Jerome Powell is in danger of having to play both roles at once — or, what may be worse, to choose between them.

Fortune

Questions to bring to your next board meeting in the wake of SVB's fall

Boards must rethink their assumptions about "safe" financial decisions in the wake of Silicon Valley Bank's collapse.

The Conversation

Soaring interest rates contributed to recent bank failures – and there could be more to come

US bank regulators closed Silicon Valley Bank (SVB) on March 10 2023, after it suffered US$42 billion (£35 billion) of deposit withdrawals in a 24-hour period. This was the largest bank failure since the 2008 global financial crisis and was not supposed to happen again.

Salon

Fed risks throwing millions out of work

"The Fed is playing with fire," warns former Labor Secretary Robert Reich

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Zenger

Silicon Valley Bank CEO Sold $3.6 Million In Stock And Could Be Hiding In Hawaii Now

SVB at the center of the financial crisis of March 2023 saw several insiders sell shares before the bank run by its customers

Fortune

U.S. Banks are sitting on $1.7 trillion in unrealized losses, research says. That's not a problem—until it is

"As long as people aren't all coming in at the same time and demanding that their deposits back, you're okay, but that's exactly what's been happening," Prof. Stephan Weiler told Fortune. "So the chances of facing those unrealized losses are going up."

Bangkok Post

SCBAM eyes 3-5% growth in assets

SCB Asset Management (SCBAM) aims to grow its assets under management (AUM) by 3-5% this year from 1.6 trillion baht recorded in 2022.

Fortune

'There were a couple of Tweets and then this thing went down': Citigroup CEO Jane Fraser says a social media bank run on SVB is a 'complete game changer'

Banking crises have happened before, but this may be the first one accelerated by mobile banking and social media.

ABC News

How Sydney became the world's 'most-tolled' city. Or did it?

New South Wales Labor leader Chris Minns says Sydney is the "most-tolled city" in the world. Does that check out?

Tribune News Service

Elizabeth Warren, Rick Scott want a new watchdog post at the Fed after SVB

Two senior U.S. lawmakers are proposing bipartisan legislation to set up a new Senate-approved watchdog post at the Federal Reserve in the wake of the dramatic collapse of Silicon Valley Bank.

Axios

Stifel poaches trio of SVB bankers

SVB is for sale, but some of its top bankers have already left.

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