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The Latest Breaking News on Financial Services

Why did Silicon Valley Bank fail?

Shutdown and takeover of bank by regulators can be traced to the Fed raising interest rates and risk-averse investors

The Guardian - US

Bridgeport bank failure case verdict: Robert M. Kowalski guilty of all charges

He was a longtime friend, customer and business partner of John F. Gembara, the Washington Federal Bank for Savings’ CEO authorities say oversaw a massive embezzlement scheme.

Chicago Sun-Times

Latest loan guarantees aimed at SMEs

State-owned Thai Credit Guarantee Corporation (TCG) plans to launch Portfolio Guarantee Scheme 10 (PGS10) later this month, aiming to help small and medium-sized enterprises (SMEs) access loan guarantees on a lower cost basis.

Bangkok Post

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A Silicon Valley lender collapsed after a run on the bank. Here's what to know

Silicon Valley Bank was taken over by federal regulators on Friday, capping a spectacular collapse after the lender suffered a run on deposits.

WEKU

US regulator closes failed bank and seizes its assets

A US regulator has shut Silicon Valley Bank and appointed the Federal Deposit Insurance Corporation as the receiver.

The New Daily

This weekend is everything for Silicon Valley Bank and its customers

The next three days will determine if the situation escalates from an inconvenience to a crisis for SVB clients, most of which are businesses that need to meet payroll.

Axios

Markets in turmoil as US closes Silicon Valley Bank

SANTA CLARA (UNITED STATES) - US regulators shut down Silicon Valley Bank on Friday in a spectacular move that sent global banking shares into turmoil, as markets fretted over possible contagion from the biggest banking failure since the 2008 financial crisis.

Bangkok Post

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Silicon Valley Bank collapses in second-biggest US bank failure ever

Largest bank collapse in 15 years, since global financial crisis

The Independent UK

Silicon Valley Bank seized by FDIC as depositors pull cash

The Federal Deposit Insurance Corporation is seizing the assets of Silicon Valley Bank, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis

The Independent UK

Silicon Valley Bank collapses and enters receivership after tech firms pull funds

Silicon Valley Bank has been closed by California regulators after tech firms scrambled to withdraw funds from the business.

Evening Standard

U.S. government takes control of Silicon Valley Bank

This is the largest bank failure since Washington Mutual in 2008.

Axios

KBC bank closures: All the Dublin branches shutting their doors permanently today

The bank has advised customers that if they are having difficulty moving their current account, KBC may be able to extend their notice

Dublin Live

Former Beeston bank described as 'lovely' put up for sale with £500,000 price tag

The former NatWest bank was on High Road closed on January 25, with the bank stating this was due to mobile and online banking reducing the number of people using the branch

Nottingham Post

Dorset port set for expansion after securing largest investment in its history

Portland Port will use the funds to boost its capacity for cruise ships

Birmingham Post

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The Philadelphia Inquirer

Bank branches are still hiring tellers and bankers, but the jobs look different now

Kim M. Sample started her banking career as a teller more than 34 years ago — before direct deposit and online banking, when Philadelphians were learning to "tap MAC" (a.k.a. to go the ATM).

The Guardian - UK

JP Morgan sues ex-Barclays boss Jes Staley over ties to Jeffrey Epstein

US bank moves against former employee in attempt to make him liable for any penalties from civil lawsuits

Daily Record

Scots man fuming as community bank refuse him £500 loan to replace fence

Ian, who lives on Boswall Loan, Granton, turned to the Castle Community Bank in the hope he would be granted a loan to repair storm damage after he was rejected from the local council.

Edinburgh Live

Edinburgh man fumes as community bank refuse to give him £500 loan to replace fence

Ian Turner has hit out at the community bank after enquiring about having his wrecked fence replaced after it became a hazard outside his property in Granton.

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Daily Mirror

This isn't just any company clone scam, it's a Marks & Spencer Bank clone scam

Bank advised customer that a sham website set up by fraudsters to steal from savers was 'genuine'

Insider UK

Alba granted banking licence by regulators

The SME-focused firm has been working towards approval over the last five years

Bangkok Post

LGT foresees long-term growth in Thailand

LGT Private Banking, an international private bank owned by the House of Liechtenstein, plans to continue growing business in Thailand over the longer term as it foresees greater opportunities here.

The Independent UK

JPMorgan sues former exec over ties to Epstein sex abuse

JPMorgan Chase has sued its former executive Jes Staley, alleging that he aided in hiding Jeffrey Epstein’s yearslong sex abuse and trafficking in order to keep the financier as a client

The Independent UK

Swiss bankers accused of lax control of Putin pal's accounts

Four former bankers with the now-shuttered Swiss affiliate of a major Russian bank have gone on trial over allegations that they didn’t properly check accounts opened in the name of a Russian cellist with longtime ties to President Vladimir Putin

The Guardian - UK

Keep interest rates at 4% to help UK households, urges Bank of England policymaker

With inflation cooling rate-setter Swati Dhingra says higher borrowing costs pose ‘material risk’ to already-weak economy

Evening Standard

Two men arrested in Hackney after posing as bank workers to receive parcels of cash

The men coerced victims into sending cash through numerous calls

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