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The Latest Breaking News on Financial Services

Lebanon banking chief summoned in European probe: judicial source

Beirut (AFP) - A Lebanese judge has asked central bank chief Riad Salameh to appear before visiting European investigators, a judicial official said Monday, part of a multinational probe into his personal wealth.

AFP

Dodd-Frank Co-Author, a Director of Failed Signature Bank, Touts Reforms

Barney Frank stands by the legislation he helped pass: the 2010 Dodd-Frank Act. And he questions the closure of Signature Bank.

The Street

NZ fund's $6m exposure to bank collapse amplifies calls for local protection

Marlin Global holds shares that may now be worthless in the New York-based Signature Bank, shut down by US regulators as they try to prevent a widening bank crisis. Jonathan Milne reports.

Newsroom.co.nz

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How the Fed's rate hike campaign broke things

The pain from monetary tightening has only just begun.

Axios

Relief in the UK over Silicon Valley Bank. Panic in the US

Sale of SVB’s British subsidiary to HSBC is a satisfactory fix but Fed emerges with less of a worthy halo

The Guardian - UK

Biden offers assurances after major US banks collapse

President says banking system is ‘safe’ but will seek accountability after second largest failure in US history.

Al Jazeera

Paul J. Davies: A full banking crisis isn’t apparent in the SVB wreckage

The market still appears to be hunting for weakness among some smaller U.S. banks and even across Europe after U.S. authorities stepped in to guarantee deposits at Silicon Valley Bank. This makes little sense: There should be no snowballing of runs on banks. But profit expectations could be trimmed at…

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Biden says banking system is safe, blames Trump for Silicon Valley Bank failure

WASHINGTON — President Joe Biden said Monday that the U.S. banking system is “safe and secure” following the failure of Silicon Valley Bank and closure of Signature Bank last week.

Los Angeles Times

How savers can keep their money safe when banks collapse

Collapse of Silicon Valley Bank sparks memories of 2007/8 global financial crisis

The Independent UK

HSBC buys Silicon Valley Bank UK in rescue deal to avoid tech sector chaos

The 11th-hour sale was agreed after all-night talks between the Government and the Bank of England.

The Independent UK

‘Your deposits will be there when you need them,’ president says

President Joe Biden on Monday moved to assure the public after the swift and stunning collapse of two banks that prompted fears of a broader upheaval.

Chicago Sun-Times

SVB Bank Collapse Sends Shock Waves Across Europe, Asia

Startups, venture capitalists and investors from Europe to Asia tried to size up the wider fallout from the SVB Bank collapse.

Investors Business Daily

Biden blames Trump deregulation for Silicon Valley Bank failure

WASHINGTON — President Joe Biden on Monday blamed the collapse of Silicon Valley Bank and closure of Signature Bank on former President Trump’s 2018 decision to scrap some Obama-era banking regulations.

Los Angeles Times

There’s a deeper story to Silicon Valley Bank’s failure. What can we learn from it?

Financial deregulation led to the crash in 2008 and it could again in 2023. It’s time to make banking boring again

The Guardian - US

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The Independent UK

Biden says banking system is ‘safe’ after Silicon Valley Bank collapse and vows accountability for executives

‘No losses will be borne by the taxpayers,’ the president says

Axios

First Republic leads rout as SVB backstop fails to quell jitters

Investors fearful of a bank run are selling stocks and driving down bond yields.

The Street

Two Bank Failures Leave Wall Street On Edge Ahead Of Busy Economic Week

Wall Street is still grappling with the failure of SVB and Signature Bank as it also prepares for a busy week of economic data.

Axios

Biden says "banking system is safe" after Silicon Valley Bank collapse

Biden also promised to do "whatever is needed" to prevent any other bank runs.

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Investors Business Daily

Bank Crisis: Bank Rally Slows; Moody's Targets These Banks For Downgrades

Financial rally turns mixed Tuesday following regulators move to contain the bank crisis. Moody's targets six banks for ratings downgrades.

Daily Mirror

Halifax offering new customers free £175 to switch - see if you're eligible

Bank customers who switch to a Halifax Reward Current Account or Ultimate Reward Current Account could bag £175 if they make the move before April 3

The Guardian - US

Biden stresses taxpayer funds won’t be used in Silicon Valley Bank collapse – as it happened

President reassures Americans ‘banking system is safe’ as US government announces plans to stabilize situation

WEKU

Biden reassures bank customers and says the failed firms' leaders are fired

President Biden also said insiders and investors won't be bailed out, but that companies that used the bank will be able to pay their employees and bills.

The Independent UK

Watch as Biden speaks on US financial system following collapse of Silicon Valley Bank

Watch as Joe Biden addresses the nation on Monday (13 March) following the collapse of Silicon Valley Bank.

Tribune News Service

US regional banks remain under pressure as First Republic sinks

Turmoil continued to engulf shares in banks as investors rushed to reduce exposure to the banking industry after seeing equity stakes wiped out at Silicon Valley Bank and Signature Bank.

The Independent UK

Central banks could ‘ease up on rate hikes’ after Silicon Valley Bank collapse

The events will add to pressure on UK and US central banks to ease up on raising interest rates, some experts have suggested

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