The Latest Breaking News from Silicon Valley Bank

Three recent and very serious US bank failures – Silicon Valley Bank (SVB), Signature and First Republic – have one common denominator: all three businesses were audited by one of the world’s major professional services firms, KPMG.

In a companywide email Wednesday morning, First Citizens Chairman and CEO Frank Holding Jr. said his Raleigh, North Carolina-based bank is laying off former employees of Silicon Valley Bank, the failed financial institution that First Citizens purchased two months ago.

After the high-profile failures of Silicon Valley Bank and Signature Bank, Federal Reserve Bank of Minneapolis President Neel Kashkari argued requiring banks to have higher capital levels could be the best solution to addressing the underlying weakness in the banking system.

The San Francisco-based regional bank, First Republic, was the third financial institution to declare insolvency in 2023 and the second-largest bank to fail since Washington Mutual collapsed during the Financial Crisis of 2007–2008. Plagued by many of the same issues that doomed Silicon Valley Bank ...

The CEOs of Silicon Valley Bank and Signature Bank earned millions in bonuses before their banks collapsed, but they have not returned the money.

The banking crisis is not over and additional bank consolidations may be needed.

Shares of two regional-bank stocks, PacWest and Western Alliance, rose this week. They'd slumped when three U.S. banks collapsed.

A U.S. Senate bipartisan take : big bank executives don’t belong at Federal Reserve.

It’s rear-view mirror time for First Republic’s former top executive.

Western Alliance sparked a regional bank rally Wednesday. Regional banks traded sharply higher early Thursday.

Watch live as the House Financial Services Committee questions Silicon Valley Bank (SVB) and Signature Bank executives on Wednesday, 17 May, on failings which led to the collapse of the banks earlier this year.