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The Latest Breaking News from SVB

15 companies made this year’s Fortune 500 for the first time ever

Airbnb, Skechers, and Silicon Valley Bank are among the new 2023 Fortune 500 companies.

Fortune

TIBCO, Silicon Valley Bank to end sponsorship of EF Education-TIBCO-SVB

Team owner Linda Jackson exploring options after loss of funding due to 'recent economic challenges and events'

Cycling News

How Citizens Financial Group survived

Citizens’ Financial Group’s CEO weighs in on how the regional bank is braving the banking crisis and beyond.

Fortune

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What Is the Banking Crisis of 2023? Is It Over?

2023 may go down in the history books as the year America lost faith in its banks. Over the course of a few weeks in the spring of 2023, multiple high-profile regional banks suddenly collapsed: Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank. These banks weren’t limited to…

The Street

US banking failures: the role of big auditors in another financial crisis

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.

The Conversation

First Citizens Bank to cut hundreds of former Silicon Valley Bank jobs

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.

Tribune News Service

Their Banks Failed, But Will They Give Back Their Huge Bonuses?

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 Street

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Kevin O'Leary Explains Why 'Shark Tank' Is Overwhelmed With Applications This Year

Contestants could take advantage of the recent mishaps of the sharks.

The Street

Watch live: Bank regulators testify before Senate after SVB and Signature failures

Watch live as top regulators testify before the USSenate on Thursday, 18 May, on bank failures following the collapse of Silicon Valley Bank (SVB) and Signature Bank earlier this year.

The Independent UK

'Big Short' Burry Gambled Big on Troubled Bank. The Bet Went Wrong

The legendary investor bet on First Republic Bank in the first quarter. In late April the firm was seized by regulators and on May 1 was sold to JPMorgan Chase.

The Street

'How am I going to make payroll on Monday?' Top execs share what they were thinking when SVB failed

"I'm telling my LPs, technically, unless [hotlink ignore=true]BNY Mellon[/hotlink] goes down, we're fine," said Sarah Kunst, founder, and general partner at Cleo Capital. "Meanwhile, I'm like laying on my kitchen floor, thinking the world is over."

Fortune

Regional Bank Stocks Set To Extend Rebound; KRE Eyes Strongest Week Since 2021

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

Investors Business Daily

Watch live: House committee questions Silicon Valley Bank and Signature Bank on failings

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.

The Independent UK

In his first public appearance since SVB’s collapse, former CEO Greg Becker is asked to defend trip to Hawaii and whether he’ll forfeit $1.5 million bonus

Greg Becker acknowledged that regulators had pointed out flaws in SVB's balance sheet, but said that he was in the process of working with regulators when the bank run occurred.

Fortune

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The Street

'Big Short' Michael Burry Is Not Always Right

The legendary investor bet on First Republic Bank in the first quarter. In late April the firm was seized by regulators and on May 1 was sold to JPMorgan Chase.

AFP

Former SVB head draws outrage at hearing on US bank failures

New York (AFP) - Executives from two failed US banks faced tough questioning Tuesday as senators railed against the lenders' risk management practices and lofty executive pay.

The Street

'Big Short' Michael Burry Makes a Bad Bet

First Republic Bank was seized in late April by regulators and sold to JPMorgan Chase on May 1.

The Guardian - US

Silicon Valley Bank’s former CEO tells Senate he is ‘truly sorry’ for collapse

Greg Becker tells banking committee that takeover of SVB was ‘personally and professionally devastating’

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The Independent UK

Watch live: Senate questions Silicon Valley Bank and Signature Bank executives over failings

Watch live as executives from Silicon Valley Bank and Signature Bank testify before the US Senate on Tuesday, 16 May.

Fortune

SVB and Signature Bank's failures had a lot in common with small rural banks from the 1930s Fed economists say

This year's banking collapses have some striking parallels with the thousands of small bank failures that dotted the 1930s.

AFP

Ex SVB head says social media 'fueled' run on doomed bank

New York (AFP) - The former head of Silicon Valley Bank blamed the lender's sudden collapse on a "social media fueled run" on it, according to congressional testimony released Monday.

Investors Business Daily

Banks: 10 Weeks Into The Bank Wreck. Where Do We Stand? Who's At Risk?

Regional banks remain under pressure 10 weeks after the start of the bank crisis. Regulators, JPMorgan's Jamie Dimon aim at short sellers.

The Street

Banks Are About to Get Hit With Nasty Fees For a Change

The FDIC voted on a plan Thursday to replenish the deposit insurance fund that was hit in the recent bank collapses.

Axios

FDIC proposes big banks pay to recover losses in SVB and Signature failures

There were concerns that small banks would wind up bearing some of these costs and this proposal heads those off.

Fortune

Mercury has attracted depositors after SVB fell. But can it keep them

Mercury CEO Immad Akhund says business has never been better, but some wonder if the new money is “sticky.”

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