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The Latest Breaking News from SVB

What bank CEOs should tell clients to reassure their money is safe

It’s up to bank CEOs to convince clients that their money is safe.

Fortune

Bipartisan group of senators offer clawback bill for bank failures

WASHINGTON — A bipartisan group of senators released draft legislation Wednesday that would claw back executive pay in the five years leading up to a bank’s failure, following President Joe Biden’s call on Congress to take action.

Tribune News Service

The banking crisis was ‘not a systemic event,’ it only affected ‘dumb and greedy institutions,’ according to famed short seller Jim Chanos

Chanos pinned the blame for SVB's collapse on the bank's leadership, while arguing the bank's issues aren't widespread. But that doesn't mean stocks are safe, he warned.

Fortune

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Fed’s Barr acknowledges oversight lapses before SVB failure

The Federal Reserve’s top bank regulator on Wednesday said that supervisors could have done more to keep tabs on Silicon Valley Bank before it collapsed earlier this month.

Tribune News Service

Bipartisan group of senators offer clawback bill for bank failures - Roll Call

Four senators from both parties released a draft bill to claw back executive compensation in the five years leading up to a bank failure.

Roll Call

Jason Lee's last startup to launch in a month

Jason Lee's last startup was DailyPay, which raised over $1 billion, including $175 million in equity capital and the remainder in a revolving credit facility and a term loan. (SVB Capital, the venture capital and credit investment arm of SVB Financial Group, provided a small portion of the DailyPay term…

Fortune

SVB's newfangled failure fits a century-old pattern of bank runs, with a social media twist

The failure of Silicon Valley Bank on March 10, 2023, came as a shock to most Americans. Even people like myself, a scholar of the U.S. banking system who has worked at the Federal Reserve, didn’t expect SVB’s collapse.

The Conversation

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Key takeaways from the Senate’s bank failure hearing

Amid all the finger-pointing, Senators and speakers said more monitoring was needed in the banking sector.

Fortune

Top economist Mohamed El-Erian warns that ‘erosion in trust’ caused by banking crisis will lead to ‘economic contagion’

El-Erian warned “fallout” from recent banking stress is adding to pressure on the economy.

Fortune

How to Protect Your Cash and Investments in a Banking Crisis

A focus on FDIC insurance and Treasury-only money market or bond fund options can help safeguard investments when a banking crisis threatens.

Kiplinger

Fed official says banking rules are under review in the wake of SVB failure

Michael Barr, the nation’s top banking regulator, said Silicon Valley Bank was warned in the fall of 2021 that its interest rate model was not ‘aligned with reality.’

Chicago Sun-Times

ASX closes higher as inflation falls for second month, US regulator slams Silicon Valley Bank for 'terrible' risk management

The Australian share market has closed higher for its third day in a row, while the ABS's latest inflation data shows cost-of-living pressure are easing, which may strengthen the case for the Reserve Bank to keep interest rates on hold next week.

ABC News

FDIC reveals SVB "billionaire bailout"

"The core reason SVB's depositors got bailed out had little to do with morals or even financial risk," critic says

Salon

5 things we learned from the Senate hearing on the Silicon Valley Bank collapse

A top federal regulator called the failure of Silicon Valley Bank a "textbook case of bank mismanagement" during a Senate hearing about what led to its spectacular collapse

WEKU

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Tribune News Service

US officials signal new rules for banks after SVB, Signature failures

Top U.S. financial officials on Tuesday outlined what’s likely to be the biggest regulatory overhaul of the banking sector in years, in an initiative aimed at addressing underlying issues that contributed to the collapse of Silicon Valley Bank and other U.S. regional lenders.

Zenger

How A $700M Tech VC Firm Was Saved From SVB Collapse, And Why Its CEO Still Banks There

The collapse of Silicon Valley Bank has sounded an alarm for the entire banking sector as a VC Tech still banks there

Fortune

Goldman Sachs says the banking meltdown is a 'headwind' for the economy but not a recession-causing 'hurricane'

Goldman's chief economist believes tighter lending standards after SVB's collapse will help fight inflation instead of causing a "hurricane that pushes the economy into recession."

Axios

The huge question created by SVB's failure

A huge open question is not whether bank supervisors can identify problems but what ought to happen when they do.

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Investors Business Daily

SVB Failure Due To Mismanagement, Regulators Say; First Republic No Longer For Sale

Lawmakers grilled U.S. financial regulators Tuesday on the Silicon Valley Bank and Signature Bank failures during a Senate hearing.

Roll Call

Fed’s Barr: SVB ignored ‘bread and butter’ banking issues - Roll Call

The Fed official in charge of bank supervision said SVB was warned about its risks and that it ignored “bread and butter” banking issues.

The Independent UK

Watch live as Senate committee holds hearing on Silicon Valley Bank collapse

Watch live as a US Senate committee holds a hearing on the collapse of Silicon Valley Bank.

The Guardian - US

US senators grill banking regulators in first Silicon Valley Bank hearing

Lawmakers aim to determine how Silicon Valley Bank and Signature Bank failed, sparking fears of financial crisis

Fortune

Here's how First Citizens should approach the SVB acquisition, according to experts

Communicating quickly to try and retain the best clients is a pivotal move.

Axios

"Badwill" hunting: The difference between the bank failures of 2008 and today

The difference between the bank failures of 2008 and today.

The Independent UK

Silicon Valley Bank collapse was fastest since Barings in 1995, Bank of England governor says

Andrew Bailey says economy is in ‘period of very heightened tension and alertness’

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