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The Latest Breaking News on Financial Services

SET rides Asian rebound as bank worries ease

RECAP: Asian equities advanced yesterday after a rescue package for First Republic Bank fuelled a rebound in US shares. Even so, the MSCI gauge of Asian shares recorded a second weekly loss after the recent turbulence in the global banking sector.

Bangkok Post

Volatility may ease but risk remains

The Stock Exchange of Thailand experienced its most volatile week of the year, with gains and losses of more than 40-50 points, as did global bourses as a bank run led to the collapse of Silicon Valley Bank (SVB) and eroded confidence in US lenders.

Bangkok Post

The collapse of major US banks leads to bills calling for more regulation

When Silicon Valley and Signature banks failed in early March 2023, government regulators rushed in to guarantee deposits and protect bank customers. Under current banking regulations, though, there was no obligation for the government to step in.

The Conversation

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Wall Street giants move to rescue First Republic Bank

New York (AFP) - America's largest banks moved Thursday to shore up First Republic, easing fears that the regional lender could be the next domino to fall after collapses including Silicon Valley Bank.

AFP

Credit Suisse at a crossroads as stocks slide again

Zurich (AFP) - Credit Suisse shares fell again Friday despite being bolstered by the Swiss central bank as investors worry about which road the embattled lender will take to try and restore confidence.

AFP

Interest rate risk: SVB's nemesis a well-known foe in banking

New York (AFP) - Among the mysteries surrounding the collapse of Silicon Valley Bank, finance experts have fixated on the California lender's failure to practice basic risk management.

AFP

Yellen says US banking system sound despite turmoil

Washington (AFP) - The US banking system remains sound despite market anxiety over the recent collapse of Silicon Valley Bank (SVB) and Signature Bank, Treasury Secretary Janet Yellen told members of Congress on Thursday.

AFP

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Credit Suisse bounces back but caution lingers

Zurich (AFP) - Credit Suisse rallied on the stock market Thursday after grabbing a $54 billion central bank lifeline in a bid to restore investor confidence but analysts remain wary about the major lender's future.

AFP

Biden seeks FDIC authority to claw back bankers’ compensation

WASHINGTON — President Joe Biden on Friday urged Congress to pass legislation that would give the Federal Deposit Insurance Corporation authority to “claw back” executive pay at failed banks and to bar the executives from jobs in the banking industry.

Tribune News Service

SVB collapse reveals regulatory failure

It's a familiar cycle: Boom, bust, then bailout. Now everyone is wondering where the financial regulators were

Salon

Will the collapse of two US banks be followed by more? These banking veterans say no, for now

The sudden collapse of two U.S. banks last week left many people wondering about the safety of their own deposits, the health of the banking system and consequences down the road.

Tribune News Service

Biden urges ‘accountability’ for executives of failed banks

US president calls on Congress to impose tougher penalties on senior officials of banks that fail due to mismanagement.

Al Jazeera

Credit Suisse shares continue to fall despite efforts to calm nerves

Lifelines handed to Swiss bank and US regional bank First Republic fail to ease investor concerns

The Guardian - UK

1 ETF to Buy in 2023 and 1 to Avoid Like the Plague

The stock market might remain volatile as the recent high-profile bank failures, and the persistent rate hikes are raising the possibility of a recession. While investors looking to invest in ETFs could consider buying Vanguard S&P 500 ETF (VOO) in 2023, fundamentally weak ARK Innovation ETF (ARKK) could be best…

StockNews.com

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AFP

Social media frenzy fuels bank busting panic

New York (AFP) - Fearful Twitter posts and anxious WhatsApp exchanges coupled with online banking ease are seen as helping power an internet-age run on a pair of now-collapsed American lending institutions.

StockNews.com

Banking Turmoil Makes for Turbulent Markets

At the end of last week's issue, I told everyone to buckle up for the boom. I wasn't expecting one of the global systemically important banks (G-SIBs) to wind up on the chopping block. And Friday is a rare market event that is known for its wild price swings. So…

The Guardian - US

Why did the $212bn tech-lender Silicon Valley bank abruptly collapse?

Was it the result of Trump-era regulation rollbacks, risk mismanagement at the bank, sharp interest rate rises – or a combination of all three?

Bangkok Post

Western stocks slide as bank fears return

LONDON: US and European stock markets fell on Friday as fears over the health of the banking system festered despite the latest efforts to shore up troubled lenders and tamp down contagion risks.

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The Independent UK

Near 'cliff's edge,' Credit Suisse not seen as systemic risk

Longtime troubles at Credit Suisse have come to a head this week with a record stock plunge that spread fears of a banking crisis jumping from the U.S. to Europe

The Street

First Republic Bank: Top Executives Sold $12 Million in Shares Months Ago

Before First Republic Bank received $30 billion of liquidity from 11 banks, executives had been shelling shares of the bank for several months.

Tribune News Service

The Fed was too late on SVB even though it saw problem after problem

Just over a year before Silicon Valley Bank’s collapse threatened a generation of technology startups and their backers, the Federal Reserve Bank of San Francisco appointed a more senior team of examiners to assess the firm. They started calling out problem after problem.

Tribune News Service

SVB Financial goes bankrupt, buying time to repay creditors

Silicon Valley Bank’s former parent company filed for bankruptcy a week after a run on deposits prompted regulators to seize its banking unit.

StockNews.com

3 Stocks You'll Thank Yourself Later for Buying in 2023

High-profile bank failures have exacerbated fresh volatility in the stock market. The central bank stands at policy crossroads, weighing recent strong economic data against jittery capital markets. Amid an uncertain market backdrop, it could be wise to invest in fundamentally sound stocks Honda (HMC), Ryerson (RYI), and AutoNation (AN) for…

The Guardian - UK

What is happening in financial markets and could there be a global crisis?

Banking system is reeling from a series of shocks but is in better shape than at time of 2008 crash

The Independent UK

Silicon Valley Bank’s parent company files for bankruptcy following sudden collapse

SVB Financial Group is filing for Chapter 11 bankruptcy protection

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