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The Latest Breaking News on Financial Services

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.

The Independent UK

‘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.

Chicago Sun-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.

Los Angeles Times

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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 Guardian - US

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

The Independent UK

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.

Axios

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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

Daily Mirror

Biden stresses taxpayer funds won’t be used in Silicon Valley Bank collapse – as it happened

President reassures Americans ‘banking system is safe’ as US government announces plans to stabilize situation

The Guardian - US

Biden reassures bank customers and says the failed firms' leaders are fired

President Biden also said insiders and investors won't be bailed out, but that companies that used the bank will be able to pay their employees and bills.

WEKU

Watch as Biden speaks on US financial system following collapse of Silicon Valley Bank

Watch as Joe Biden addresses the nation on Monday (13 March) following the collapse of Silicon Valley Bank.

The Independent UK

US regional banks remain under pressure as First Republic sinks

Turmoil continued to engulf shares in banks as investors rushed to reduce exposure to the banking industry after seeing equity stakes wiped out at Silicon Valley Bank and Signature Bank.

Tribune News Service

Central banks could ‘ease up on rate hikes’ after Silicon Valley Bank collapse

The events will add to pressure on UK and US central banks to ease up on raising interest rates, some experts have suggested

The Independent UK

Why did Silicon Valley Bank collapse? And how did HSBC rescue its UK arm?

A weekend of high political drama ends in a rescue deal that leaves fast-growing sector safe in the City

Evening Standard

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The Independent UK

Trump blamed over Silicon Valley Bank collapse for watering down financial regulations

Fifty Republican and 17 Democratic senators voted to reduce regulations on the bank

Axios

Let the bailout debate begin

If a bailout doesn't cost anything, is it really a bailout?

Insider UK

Private sector activity in Scotland rises for first time in seven months, Royal Bank of Scotland PMI data shows

'We hope that the upturn across Scotland will continue in the coming months'

The Independent UK

SVB collapse - latest news: Silicon Valley Bank hit with lawsuit for misleading stockholders after failure

Collapse of Silicon Valley Bank (SVB) marks biggest US bank failure since Washington Mutual during 2008 financial crisis

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The New Daily

Explained: How Silicon Valley Bank collapsed, and what’s next

Australian markets slid on Monday as the fallout from the collapse of California-based Silicon Valley Bank (SVB) reverberated globally.

Asharq Al-Awsat

US, UK Try to Stem Fallout from Silicon Valley Bank Collapse

Governments in the UK and US took extraordinary steps to stop a potential banking crisis after the historic failure of Silicon Valley Bank, even as another major bank was shut down. The UK Treasury and the Bank of England announced early Monday that they had facilitated the sale of Silicon…

The Independent UK

Biden will address the nation about the collapse of Silicon Valley Bank

While the Biden administration has no intentions of bailing out the bank, it has introduced emergency measures to protect the US economy and give bank clients access to their funds

France 24

France says no risk of contagion as governments handle SVB collapse fallout

The bankruptcies of US banks Silicon Valley Bank (SVB) and Signature do not pose a danger to French financial institutions, Finance Minister Bruno Le Maire said Monday as authorities in the US and UK took extraordinary steps to stop a potential banking crisis.

Birmingham Post

THG and musicMagpie move to reassure investors as Silicon Valley Bank's UK arm is sold to HSBC

Chancellor Jeremy Hunt has confirmed that all customer deposits have been protected under the deal, and that no taxpayer cash was involved

Daily Mirror

Barclays to shut 14 more branches across UK - see full list of closures

Barclays will shut 11 branches across England, two in Wales and one in Scotland as part of its latest round of bank closures - see the full list of locations to check if your local is affected

The National (Scotland)

UK arm of collapsed Silicon Valley Bank bought by HSBC

THE UK arm of collapsed US lender Silicon Valley Bank has been bought by HSBC after the Government and Bank of England stepped in to…

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