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The Latest Breaking News from SVB

Fed chair to speak to House GOP lawmakers Wednesday - Roll Call

Federal Reserve Chair Jerome H. Powell is set to visit Capitol Hill and will attend the Republican Study Committee's weekly lunch.

Roll Call

The latest in the banking sector turmoil

Paris (AFP) - Silicon Valley Bank is being largely acquired by another US lender in the latest fallout from three weeks of turbulence in the financial sector.

AFP

Editorial: Lessons From the Collapse of Silicon Valley Bank

By taking every crisis suffered by others seriously, we can minimize our own crises

Caixin Global

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Will US consumers have to bail out struggling banks?

WASHINGTON — Could taxpayers wind up bailing out wealthy customers at banks such as Silicon Valley Bank, Signature Bank and others that are struggling?

McClatchy Washington Bureau

Snap growth executive Jacob Andreou joins Greylock

The eight-year social media executive will join the venture capital firm in May and invest in early-stage consumer companies.

Fortune

Lawmakers open to Biden’s call to claw back SVB executive pay - Roll Call

Lawmakers from both parties are open to executive compensation clawback legislation after the failure of SVB and Signature Bank.

Roll Call

European equities rebound on SVB sale

London (AFP) - European stock markets rebounded slightly Monday after US lender First Citizens bought most of collapsed rival Silicon Valley Bank, easing fears of a sector crisis.

AFP

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Stocks Set to Open Higher as SVB Deal Calms Banking Sector Fears

June S&P 500 futures (ESM23) are up +0.34%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.15% this morning as market participants welcomed the news that First Citizens BancShares had agreed to acquire Silicon Valley Bank’s deposits and loans.

Barchart

Family run US bank rescues tech lender Silicon Valley Bank

FAILED tech lender Silicon Valley Bank was taken over today by First Citizens in a deal that will cost about $20 billion but offered hope that the crisis of confidence in the global banking system could be easing.

Evening Standard

The FDIC says First Citizens Bank will acquire Silicon Valley Bank

First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world.

WEKU

First Citizens to acquire collapsed Silicon Valley Bank

New York (AFP) - First Citizens Bank will acquire significant holdings of fallen lender Silicon Valley Bank, a US banking agency announced late Sunday, as regulators seek to contain an industry crisis.

AFP

Silicon Valley Bank: most of failed lender bought by First Citizens

Collapse of tech sector lender will cost about $20bn in deposit insurance payouts, say US regulators

The Guardian - UK

Markets rally despite banking fears; UK retailers turn optimistic after bleak winter – as it happened

Shares in First Citizens Bank surge 45% as it agrees to buy much of Silicon Valley Bank, while Saudi National Bank’s Ammar Alkhudairy resigns

The Guardian - UK

Banking sector sees boost as First Citizens acquires failed SVB

SVB’s purchase gives markets some respite amid growing concerns over financial health of global banking system.

Al Jazeera

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The Independent UK

FDIC: First Citizens Bank to acquire Silicon Valley Bank

The Federal Deposit Insurance Corp. says it has agreed on the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co. The sale involves the sale of all deposits and loans of SVB to First-Citizens

Axios

First Citizens agrees to buy Silicon Valley Bank

This is a step toward stabilizing America's regional banking sector, after a month of tumult.

The Conversation

How can we maximize woke's potential while minimizing the culture war's divisiveness?

The recent collapse of Silicon Valley Bank (SVB) and other major banks has raised fears about a potential 2008-style banking crisis. While this seems unlikely, like so many events these days, SVB’s failure has also been caught in the sticky rhetorical web of the culture war.

The Street

Banking Crisis: Small Banks Hit by Massive Cash Withdrawals

Americans have withdrawn nearly $120 billion in deposits from U.S. small banks in the week marked by the collapse of Silicon Valley Bank.

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Tribune News Service

Silicon Valley Bank failure unites Democrats and Republicans in fundraising

WASHINGTON — The collapse of Silicon Valley Bank has united deeply divided lawmakers toward a singular goal: raising money off the news.

Roll Call

Is this crisis (really) like 2008? - Roll Call

Amias Gerety, former Treasury Department official, discusses what’s new, and what’s different in the SVB and Credit Suisse banking turmoil

The Street

Four Banks Collapsed. Worries About Two Others Persist. Will They Fall?

Pressure mounts on First Republic Bank, while in Europe, worries surrounding Deutsche Bank are new signals of the banking crisis.

Fortune

'We view this as an irrational market,' Citigroup analysts worry that major bank stocks like Deutsche Bank are cratering for psychological reasons

Citi really fears the "knock-on impact from various media headlines on depositors psychologically," regardless of whether the initial reasoning was correct.

Fortune

A legal scholar says the Dodd-Frank act put in place after the Great Recession proved to be useless amid SVB's collapse

“Dodd-Frank is still on the books, but its...as good as dead. What good does it do to have a massive set of regulations...if they aren't enforced?” Adam Levitin, a Georgetown University law professor wrote Thursday.

Tribune News Service

Volcker slayed inflation. Bernanke saved the banks. Can Powell do both?

History remembers Paul Volcker as the slayer of inflation, and Ben Bernanke as the crisis firefighter. Jerome Powell is in danger of having to play both roles at once — or, what may be worse, to choose between them.

Fortune

Questions to bring to your next board meeting in the wake of SVB's fall

Boards must rethink their assumptions about "safe" financial decisions in the wake of Silicon Valley Bank's collapse.

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