The Latest Breaking News from Silicon Valley Bank

New York (AFP) - US authorities are investigating Goldman Sachs' work for Silicon Valley Bank in connection with the events surrounding the California bank's collapse, Goldman disclosed in a securities filing Thursday.

U.S. officials said they were monitoring the banking sector for signs of fraud back in March.

PacWest and Western Alliance were among the smaller lenders that saw shares tumble even as the banks sought to reassure their customers and investors..

Regional lenders such as PacWest and Western Alliance are not seen as systemically important and more consolidation is ahead

Bill Ackman, Nelson Peltz, and Jeffrey Gundlach all think the Fed is wrong about the banking system.

A crisis of confidence in the US banking sector led people to pull their money from banks including Silicon Valley Bank and Credit Suisse, and more recently, First Republic Bank and California-based PacWest Bancorp. The way these events have unfolded have created a new term in the vocabulary of finance:…

"The bank has not experienced out-of-the-ordinary deposit flows following the sale of First Republic Bank and other news," PacWest said.

The hedge fund manager has called for stronger government intervention, including full depositor protection, since turmoil began in early March.

Stock futures slip amid hints from Fed on rate cycle, more bank woes; Apple earnings on deck with iPhone demand depth in focus; Qualcomm slumps as muted outlook clouds Q2 revenue beat; PacWest plunges as bank confirms its weighing strategic options and Etsy jumps after solid Q1 earnings, robust sales…

The U.S. has more than 4,500 banks — more banks than any other country. That huge number of lenders has shaped the economy in countless ways, but it also can pose risks.

The Treasury has sought to reassure the public that the British banking system is safe after First Republic became the third major US bank to fail in two months.