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The Latest Breaking News on Financial Services

Is it contagious? US regulators scramble after Silicon Valley Bank failure

Are banks going bad again? Markets are scrambling to contain the shockwaves from the collapse of Silicon Valley Bank, a California lending institution favoured by tech startups. Its seemingly safe bet on government bonds proved a bust, triggering an old-fashioned run on the bank. Is it contagious? The bank's failure…

France 24

Hedge Fund Manager Calls For Government Intervention As Elon Musk Open To The Idea Of Buying SVB

Bill Ackman calls on the federal government to step in to solve the failed bank as Elon Musk is open to buying the bank

Zenger

Michael Pascoe: Silicon Valley Bank downfall will increase nerves in a precarious sector

Silicon Valley Bank, an institution that specialised in tech, might seem a long way away from Australia, but we should take note.

The New Daily

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Avoiding the ‘B-word’: is the US response to SVB’s collapse a bailout?

Given the antipathy towards Wall Street bailouts in the 2008 crisis, Biden is at pains to stress that ‘no losses’ will be borne by taxpayers

The Guardian - US

Feds backstop all deposits of failed Silicon Valley Bank, second Bay Area bank plunges

SANTA CLARA, California — Federal officials moved to insure all deposits at failed Silicon Valley Bank, hoping to inoculate the banking system against contagion, but shares of another Bay Area regional bank plunged on Monday.

Tribune News Service

Silicon Valley Bank collapse: What you need to know

Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe

The Independent UK

OPINION - The Leader podcast: HSBC buys collapsed Silicon Valley Bank for £1

Conference call of doom & cash run as start-ups’ bank implodes

Evening Standard

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GOP: "Woke" ideology caused SVB collapse

Trump-era Dodd-Frank rollback contributed to Silicon Valley Bank's downfall

Salon

Barclays announces bank closures as 55 branches to shut in 2023 - full list

Barclays have named a Scottish location in their latest wave of closures as 'visits to branches continue to fall'.

Daily Record

NZ fund's $6m exposure to bank collapse amplifies calls for local protection

Marlin Global holds shares that may now be worthless in the New York-based Signature Bank, shut down by US regulators as they try to prevent a widening bank crisis. Jonathan Milne reports.

Newsroom.co.nz

How the Fed's rate hike campaign broke things

The pain from monetary tightening has only just begun.

Axios

Relief in the UK over Silicon Valley Bank. Panic in the US

Sale of SVB’s British subsidiary to HSBC is a satisfactory fix but Fed emerges with less of a worthy halo

The Guardian - UK

Biden offers assurances after major US banks collapse

President says banking system is ‘safe’ but will seek accountability after second largest failure in US history.

Al Jazeera

Paul J. Davies: A full banking crisis isn’t apparent in the SVB wreckage

The market still appears to be hunting for weakness among some smaller U.S. banks and even across Europe after U.S. authorities stepped in to guarantee deposits at Silicon Valley Bank. This makes little sense: There should be no snowballing of runs on banks. But profit expectations could be trimmed at…

Tribune News Service

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Los Angeles Times

Biden says banking system is safe, blames Trump for Silicon Valley Bank failure

WASHINGTON — President Joe Biden said Monday that the U.S. banking system is “safe and secure” following the failure of Silicon Valley Bank and closure of Signature Bank last week.

The Times of India

E-rupee worth over Rs 130 crore in circulation: Nirmala Sitharaman

NEW DELHI: Digital or e-rupee worth over Rs 130 crore is in circulation on a pilot basis as of February 28, finance minister Nirmala Sitharaman said on Monday.

The Independent UK

How savers can keep their money safe when banks collapse

Collapse of Silicon Valley Bank sparks memories of 2007/8 global financial crisis

The Independent UK

HSBC buys Silicon Valley Bank UK in rescue deal to avoid tech sector chaos

The 11th-hour sale was agreed after all-night talks between the Government and the Bank of England.

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Chicago Sun-Times

‘Your deposits will be there when you need them,’ president says

President Joe Biden on Monday moved to assure the public after the swift and stunning collapse of two banks that prompted fears of a broader upheaval.

Los Angeles Times

Biden blames Trump deregulation for Silicon Valley Bank failure

WASHINGTON — President Joe Biden on Monday blamed the collapse of Silicon Valley Bank and closure of Signature Bank on former President Trump’s 2018 decision to scrap some Obama-era banking regulations.

The Guardian - US

There’s a deeper story to Silicon Valley Bank’s failure. What can we learn from it?

Financial deregulation led to the crash in 2008 and it could again in 2023. It’s time to make banking boring again

The Independent UK

Biden says banking system is ‘safe’ after Silicon Valley Bank collapse and vows accountability for executives

‘No losses will be borne by the taxpayers,’ the president says

Axios

First Republic leads rout as SVB backstop fails to quell jitters

Investors fearful of a bank run are selling stocks and driving down bond yields.

Axios

Biden says "banking system is safe" after Silicon Valley Bank collapse

Biden also promised to do "whatever is needed" to prevent any other bank runs.

Daily Mirror

Halifax offering new customers free £175 to switch - see if you're eligible

Bank customers who switch to a Halifax Reward Current Account or Ultimate Reward Current Account could bag £175 if they make the move before April 3

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