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The Latest Breaking News from Signature Bank

Biden says banking system is safe, promises accountability for Silicon Valley Bank failure

WASHINGTON — “This is not 2008”: That was the mantra of Biden administration officials Monday as they sought to reassure investors and the public that a regulatory takeover of two failed banks and rescue of their depositors, along with newly implemented safeguards, would be enough to avert a broader crisis…

Los Angeles Times

Fitch downgrades and withdraws Signature Bank's ratings

Rating agency Fitch on Monday downgraded Signature Bank's long-term corporate ratings to 'D' from 'BBB+' after state regulators closed the New York-based bank on Sunday.

Bangkok Post

Signature Bank seized to send banks a message, director says

A regulatory takeover of a New York-based bank was intended to send a message to banks to stay away from the cryptocurrency business

The Independent UK

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Why Silicon Valley Bank collapse in US is worry for every Brit - your questions answered

More than £50billion was wiped off the value of Britain’s 100 biggest listed firms as the failure of tech sector lender Silicon Valley Bank spooked stock markets. Here's what you could you expect next

Daily Mirror

Arkhom says SVB's failure unlikely to affect country

The Finance Ministry is closely monitoring the collapse of Silicon Valley Bank (SVB) to see if it has any impact on Thailand, says Finance Minister Arkhom Termpittayapaisith.

Bangkok Post

Silicon Valley Bank's fall shows how tech can push a financial panic into hyperdrive

Bank runs, by their very nature, happen fast. But in an age of instant communication, social media and money transfers at the touch of a button, they can now happen in the blink of an eye.

WEKU

Why SVB and Signature Bank failed so fast – and the US banking crisis isn't over yet

Silicon Valley Bank and Signature Bank failed with enormous speed – so quickly that they could be textbook cases of classic bank runs, in which too many depositors withdraw their funds from a bank at the same time. The failures at SVB and Signature were two of the three biggest…

The Conversation

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FDIC official warned 4 years ago that uninsured regional bank deposits were an ‘underappreciated risk.’ No one listened, and we’re now paying the price

Regional banks “pose very significant challenges” for regulators, an FDIC board member wrote in 2019, long before Silicon Valley Bank’s failure.

Fortune

Will Silicon Valley Bank's collapse spark a US recession with ripple effects across the globe?

Based in California and with about $US200 billion in assets, Silicon Valley Bank (SVB) was the 16th-largest in America, making it the biggest bank failure since the global financial crisis of 2008. The implications for financial markets and the global economy are big.

ABC News

Avoiding the ‘B-word’: is the US response to SVB’s collapse a bailout?

Given the antipathy towards Wall Street bailouts in the 2008 crisis, Biden is at pains to stress that ‘no losses’ will be borne by taxpayers

The Guardian - US

What happens to your money if your bank fails, plus expert tips on protecting your money

With more than $110 billion in assets, Signature Bank just became the third-largest bank failure in U.S. history. Here’s what consumers need to know about bank failures and protecting their money.

Fortune

Stock Market Indexes Close Mixed On A Volatile Day; Bank Stocks Feel More Pain

The stock market had another volatile session and gave back some gains in the final hour of trading. Regional banks continued to sell off.

Investors Business Daily

Post-mortems begin on Silicon Valley Bank failure - Roll Call

Biden's comments about SVB added to scrutiny of a 2018 law that eased banking requirements, but it's not clear that's what cause the failure

Roll Call

Top economist Mohamed El-Erian says unlimited deposit guarantee is hard to reverse after SVB fallout: ‘We are now in a different world’

The economist also said that the Fed will likely now “retreat” on interest rate hikes.

Fortune

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Investors Business Daily

Bitcoin, Coinbase Key Stablecoin Rally On Banking Crisis Intervention

The price of Bitcoin jumped and the issuer of the USD Coin Stablecoin said it remained redeemable amid U.S. efforts to halt a banking crisis.

The Street

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.

Newsroom.co.nz

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.

Al Jazeera

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.

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Tribune News Service

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…

Los Angeles Times

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.

Investors Business Daily

SVB Financial Crash: 15 Years After Bear Stearns, Has The Fed Upgraded Its Response?

What's the federal response to failing banks 15 years after Bear Stearns crumbled?

Investors Business Daily

Dow Jones Rises With Gold, Bitcoin Amid Bank Sell-Off; Analysts See Rate Freeze In March

The Dow Jones Industrial Average rose at noon after early volatility Monday, following last week's steep sell-off.

Radio France Internationale

World leaders rally to reassure markets, public on US banking crisis

President Joe Biden has assured US taxpayers that they will not have to pay for losses in the banking sector, after French and German authorities said that recent collapse of several US banks pose no danger to European financial institutions.

Investors Business Daily

Fed May Pause Rate Hikes As Bank Stocks Keep Sliding, Despite New Rescue Fund

The Federal Reserve may not hike next week as the failure of SVB and two other banks shows the risk of moving too fast. Bank stocks fell further Monday.

Chicago Sun-Times

‘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.

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