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The Latest Breaking News on Financial Services

FTSE 100 Live: HSBC acquires Silicon Valley Bank UK, lowest FTSE close of 2023

Banking giant HSBC has stepped in to rescue the UK operations of tech sector lender Silicon Valley Bank.

Evening Standard

HSBC buys UK arm of Silicon Valley Bank

Deal is huge relief to UK tech sector, as many as 30% of whom had accounts with SVB

Evening Standard

Jeremy Hunt announces sale of Silicon Valley Bank to HSBC in rescue package

Over the weekend the Chancellor said there was a 'serious risk' to the UK's technology and life sciences sectors as a result of the collapse of Silicon Valley Bank.

Daily Mirror

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HSBC buys UK arm of Silicon Valley Bank after collapse – latest

Some 200 UK tech companies had been put at risk by collapse

The Independent UK

Silicon Valley Bank: FTSE 100 tumbles 2.5%; HSBC rescues SVB UK – as it happened

Silicon Valley Bank UK has been sold to HSBC, in a deal that protects depositors’ money, says Treasury and Bank of England after weekend talks

The Guardian - UK

Silicon Valley Bank: why did it collapse and is this the start of a banking crisis?

Until last Friday Silicon Valley Bank was the 16th largest bank in the US, worth more than $200bn

The Guardian - AU

US banks' collapse not hurting Thailand, govt says

The collapse of Silvergate Bank and Silicon Valley Bank in the United States is unlikely to have any impact on Thailand because Thai banks do not invest in them, according to a government spokeswoman.

Bangkok Post

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J.P. Morgan, PNC among suitors for SVB holding company

Talks exclude the stricken commercial bank, sources told Axios.

Axios

Banking system is 'safe', Biden assures Americans after SVB collapse

US President Joe Biden on Monday reassured Americans that their banking system is safe in the wake of the sudden collapse of Silicon Valley Bank (SVB) and the federal takeover of a second bank.

France 24

US says all SVB deposits safe, creates new backstop for banks

U.S. authorities raced on Sunday to stem jitters about the health of the nation’s financial system, pledging to fully protect all depositors’ money following the collapse of Silicon Valley Bank while also giving any banks squeezed for cash easier terms on short-term loans.

Tribune News Service

Signature Bank closed by New York regulators in SVB’s wake

Signature Bank was closed by New York state financial regulators on Sunday as the fallout from last week’s implosion of SVB Financial Group’s Silicon Valley Bank spreads to other lenders.

Tribune News Service

Biden says those behind SVB bank ‘mess’ will be held accountable

President Joe Biden said that he ordered the Treasury Department and his economic advisers to address the failures of Silicon Valley Bank and Signature Bank, adding that those responsible will be held accountable.

Tribune News Service

US, UK try to stem fallout from Silicon Valley Bank collapse

US President Joe Biden says banking regulations must be bolstered amid fallout that has rocked global financial markets.

Al Jazeera

Markets at risk of more upheaval as banking uncertainty persists

Traders are steeling themselves for the risk of more turbulence after the biggest U.S. bank collapse since the 2008 financial crisis sent shockwaves through markets.

Tribune News Service

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The Independent UK

Asian shares mostly sink on jitters after US bank failure

Asian shares have mostly fallen, shaken by a Wall Street tumble that set off worries the biggest U.S. bank failure in nearly 15 years might have ripple effects around the world

Birmingham Post

‘Positive picture’ for South West firms as confidence hits one-year high

A NatWest survey of bosses across the region reported rising output, sales and employment

The New Daily

US stems SVB fallout by backing customer deposits

US officials will shore up deposits to stem any broader financial fallout from the sudden collapse of Silicon Valley Bank.

Chicago Sun-Times

Feds say Silicon Valley Bank clients will get funds as another troubled bank is shuttered

The Treasury, FDIC and Federal Reserve said clients of Silicon Valley Bank would be protected as the agencies sought to find a buyer and stop further bank runs.

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The Independent UK

Second bank closed as regulators say they will protect Silicon Valley Bank deposits at no cost to taxpayer

Signature Bank of New York shuttered as federal government moves to protect depositors

Axios

U.S. regulators will protect all Silicon Valley Bank depositors to stem fallout

Federal banking regulators took aggressive new actions aimed at preventing depositors' funds in failed Silicon Valley Bank from losing money.

The Independent UK

Biden unlikely to bail out Silicon Valley Bank, as right claims it failed because it was ‘woke’

Second-largest bank collapse in US history met with eyerolls in Washington

Evening Standard

Bank of London confirms bid to rescue Silicon Valley Bank UK

The clearing bank is the first confirmed bidder for the UK arm of the collapsed Silicon Valley Bank

WEKU

Janet Yellen says the federal government won't bail out Silicon Valley Bank

The California lender was taken over by regulators after a "run" on the bank. The Treasury secretary says the U.S. won't come to the bank's rescue like it did for others in the 2008 financial crisis.

Tribune News Service

US seeks to quell risk of a bank run as Yellen pledges protections

WASHINGTON — U.S. regulators are racing against the clock to find solutions for failed Silicon Valley Bank while Treasury Secretary Janet Yellen said officials are focusing on protecting depositors, as officials seek to avoid a wider bank run.

Tribune News Service

FDIC working on finding buyer for Silicon Valley Bank, California Rep. Khanna says

WASHINGTON — Rep. Ro Khanna, D-Calif., said the Federal Deposit Insurance Corp. is working to find a buyer for Silicon Valley Bank and urged the U.S. government to step in and guarantee all of the bank’s deposits.

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