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The Latest Breaking News from Silicon Valley Bank

Warren says she favors increasing FDIC’s deposit insurance cap

WASHINGTON — Sen. Elizabeth Warren is calling for more U.S. deposits to be covered by federal insurance and demanding government probes into whether lax regulation fueled this month’s collapse of Silicon Valley Bank and Signature Bank.

Tribune News Service

What happened to Credit Suisse and why are banks needing bailouts again?

Could isolated failures herald another global banking crisis?

The Independent UK

UBS to take over 167-year-old rival Credit Suisse

Deal done: UBS will buy Credit Suisse after increasing its offer to more than $US2 billion, the Financial Times reports

The New Daily

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First Citizens Could Be Suitor for Silicon Valley Bank

Bids for Silicon Valley Bank, which was closed by the FDIC on March 10, are being received for the collapsed California bank.

The Street

Regional Banks Want FDIC to Guarantee Deposits for Two Years

A group of mid-size banks are concerned about bank runs after three bank failures occurred in March.

The Street

Warren calls for investigation into the Fed amid banking turmoil

"The fed doesn't just get to do its own investigation," Warren said.

Axios

Silicon Valley Bank’s collapse will not be a one-off – a banking crisis was long overdue

We now know what happens when central banks raise rates and reverse QE

The Guardian - UK

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Slash interest rates and stop bond sales, ex-policymaker tells Bank of England

Exclusive: David Blanchflower urges rethink after collapse of Silicon Valley Bank and lifeline thrown to Credit Suisse

The Guardian - UK

UBS agrees to takeover of stricken Credit Suisse for $3.25bn

Swiss government forces through takeover at well below market value amid fears of global banking crisis

The Guardian - UK

Banking Crisis: Warren Buffett Is on the Phone with the Biden Administration

The legendary investor is reportedly in contact with the White House over the crisis of confidence rocking banks, since the sudden collapse of Silicon Valley Bank.

The Street

Bank fail: How rising interest rates paved the way for Silicon Valley Bank's collapse

Silicon Valley Bank invested billions of dollars in super safe U.S. government bonds. But that choice exposed to the bank to a whole other set of risks.

WEKU

US banks want socialism for themselves - and capitalism for everyone else

When banks like Silicon Valley Bank collapse, money floods to bigger ones like JPMorgan. Clients know they’re ‘too big to fail’

The Guardian - US

‘We have money and power’: older Americans to blockade banks in climate protest

Demonstrations at 90 sites are billed as first major action by older activists: ‘It’s not fair to ask 18-year-olds to solve this’

The Guardian - US

Silicon Valley Bank collapse concerns founders of color

While Wall Street works to contain the biggest American bank failure since the 2008 financial meltdown, founders of startups who are people of color worry it could become even harder to secure financial support

The Independent UK

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Axios

Midsize banks want unlimited FDIC insurance for 2 years

A coalition of midsize U.S. banks is reportedly calling on the government to insure all deposits for the next two years.

AFP

US Fed to balance banking woes, inflation in next rate decision

Washington (AFP) - US central bankers face an unenviable task when they gather in Washington next week: tackling persistent inflation without adding to financial sector turmoil after Silicon Valley Bank's rapid collapse.

The Guardian - UK

Millions paid in bonuses to UK Silicon Valley Bank staff days after £1 rescue

Workers reported to have received payouts from ‘modest’ pool of £15m-£20m following takeover deal by HSBC

The Guardian - UK

Bank runs, bailouts, rescues: are the ghosts of 2008 rising again?

The travails of Credit Suisse and others have stirred up bad memories for a public still scarred by the financial crisis

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The Guardian - UK

The SVB debacle has exposed the hypocrisy of Silicon Valley

US tech innovators have a culture of regarding government as an innovation-blocking nuisance. But when Silicon Valley Bank collapsed, investors screamed for state protection

The Street

SVB Collapse: How Bank Failures Impact Your Money

Consumers are concerned if their money is safe after three banks have failed recently.

The Independent UK

Bank failures: Anger in Congress, but division on what to do

Congress is trying to figure out how best to respond to the abrupt failure of two U.S. banks

Radio France Internationale

SVB collapse proves global financial system needs rethink, says Nobel economist

After Silicon Valley Bank collapsed, shaking world markets, Nobel economics prize winner Joseph Stiglitz says US authorities "did the right thing" by providing federal money to protect deposits. But the economist also says the financial system needs a rethink to properly bring it into the digital era.

Asharq Al-Awsat

China's C.bank Warns SVB Failure Shows Impact of Rapid Global Rate Hikes

A senior official at the People's Bank of China said on Saturday the collapse of Silicon Valley Bank (SVB) showed how rapid monetary policy shifts were having spillover effects, state-owned newspaper Shanghai Securities News reported.

Asharq Al-Awsat

Credit Suisse Meets to Weigh Options, under Pressure to Merge with UBS

Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank as regulators urged it to pursue a deal with Swiss rival UBS AG. Credit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings over the weekend to assess…

The Guardian - US

Trump deregulated railways and banks. He blames Biden for the fallout

In true hypocritical manner, the ex-president has quickly forgotten why the two sectors are in shambles

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