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The Latest Breaking News from Silicon Valley Bank

US banks flock to Federal Reserve highlighting 'scale of stress in US banking system'

First Republic is the fourth bank in a week to show signs of financial distress. What does this mean for Australian interest rates – and mortgages?

ABC News

Big banks create $30 billion rescue package for troubled First Republic Bank

The uninsured deposits from 11 big banks into First Republic Bank are seen as a vote of confidence in the San Francisco-based firm with $176.4 billion in deposits.

Chicago Sun-Times

Fear, glee, and insousiance at SXSW

Thousands of techies came to South By Southwest at the same moment that their favorite bank was melting down. The mood was surprising.

Fortune

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LOCALIZE IT: Banks and our money after 2 rapid-fire failures

EDITORS/NEWS DIRECTORS:

The Independent UK

Fed's emergency bank lending soars to new record

The report sheds light on banks' demand for short-term cash in the early days of the fallout from the Silicon Valley Bank crisis.

Axios

Credit Suisse and First Republic: Why are banks needing new bailouts?

Could isolated failures herald another global banking crisis?

The Independent UK

The fall of SVB: Another predictable bank failure

The run on Silicon Valley Bank (SVB) -- on which nearly half of all venture-backed tech start-ups in the United States depend -- is in part a rerun of a familiar story, but it's more than that. Once again, economic policy and financial regulation have proven inadequate.

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SVB Collapse Reveals a Surprise for Bitcoin

Cryptocurrency prices have gained almost 27% since the collapse of Silicon Valley Bank.

The Street

US banking giants pledge $30bn to prop up First Republic Bank

Leaders of top US financial agencies say move is ‘welcome’ amid fears California-based lender could be next to collapse.

Al Jazeera

Silicon Valley Bank's failure: Could something similar happen in Canada?

American business magnate Warren Buffett once famously observed: “You don’t find out who has been swimming naked until the tide goes out.”

The Conversation

Debt limit breach would be ‘devastating’ for banks, Yellen says at hearing

WASHINGTON — Treasury Secretary Janet L. Yellen told senators on Thursday that the banking system remains sound in the aftermath of Silicon Valley Bank's collapse. But she warned that failure to raise the debt limit in time would be devastating for banks after the turmoil.

Tribune News Service

Fears of another financial crisis remain despite £45bn Credit Suisse lifeline

The Swiss giant went cap-in-hand to the country’s central bank to shore up its finances. Experts called it a vital intervention to stem fears about banking system

Daily Mirror

Experts, banks look for ideas to stop next bank failure

The warning signs were all there

The Independent UK

What happened with Credit Suisse, is it connected to Silicon Valley Bank, and what does it mean for Australia?

Global financial markets are on edge after Credit Suisse shed nearly a quarter of its value on the stock market. How did it happen, is it related to Silicon Valley Bank's collapse, and could Australian banks be impacted?

ABC News

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WEKU

First Republic becomes the latest bank to be rescued, this time by its rivals

The lenders including J.P.Morgan and Wells Fargo would deposit $30 billion into the beleaguered midsized lender as part of the rescue.

The Street

SVB Collapse: Bitcoin Emerges as Big Winner

Cryptocurrency prices have gained almost 27% since the collapse of Silicon Valley Bank.

WEKU

Lawmakers are split on how to respond to the recent bank failures

Days after the failure of two regional banks shook the financial industry, lawmakers say they want answers but disagree on what role Congress should play right now.

Tribune News Service

New CEO of failed Silicon Valley Bank was once fired from his Charlotte banking job

The new CEO of failed Silicon Valley Bank is a familiar name to many in Charlotte’s banking community — Tim Mayopoulos was fired as general counsel of Bank of America in 2008 in the midst of the financial crisis and escorted out of the office by an HR representative.

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The Street

How to Be Sure Your Money Is Protected in the Bank

Here's what to do with money that tops FDIC insurance limits.

The Independent UK

Banks said to be working on rescue plan for First Republic

Some of America’s largest banks are working on a rescue package for First Republic Bank

ABC News

Credit Suisse and SVB banking crises are 'not a repeat of 2008'

The sudden collapse of Silicon Valley Bank and renewed crisis at Credit Suisse are raising fears of another global financial crisis, but most experts agree that we shouldn't worry too much … yet.

Tribune News Service

Elizabeth Warren slams Powell for weak regulation, oversight of SVB

Senator Elizabeth Warren blasted Federal Reserve Chair Jerome Powell for “an astonishing list of failures” that contributed to the collapse of Silicon Valley Bank and Signature Bank in a letter to the Fed chief Wednesday.

Fortune

Silicon Valley Bank flagged risks from remote work on performance in its latest annual report

Remote work “reduced productivity and/or significant disruptions in our business operations," SVB said in its 2023 annual report published last month.

Salon

How crypto Ponzi scheme threatens banks

It’s the big bank failure story no one is talking about

The Street

SVB Collapse: Fitch Delivers Some Bad News to PacWest Bancorp

The credit-rating company warns it plans to downgrade the rating of regional bank PacWest due to liquidity pressures.

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