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The Latest Breaking News on Financial Services

ASX follows global gains; restaurants, cafes and bars most at risk from consumer 'recession' — as it happened

The local share market rises strongly. Retail sales slow, raising questions about the Reserve Bank's next move. Here's how it unfolded on the ABC News markets blog.

ABC News

Stock Market Today: Stocks Finish Mostly Higher After First Citizens Buys SVB Assets

The Nasdaq closed lower, though, as mega-cap tech stocks declined.

Kiplinger

Mayor and council leader welcome US ambassador to Manchester

The ambassador's visit come just weeks after the Mayor and Council leader visited America themselves.

Manchester Evening News

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Fed official: Regulators will ensure all deposits are 'safe'

The nation’s top financial regulator pledged that the Federal Reserve and other agencies will take whatever steps they deem necessary to protect depositors and the banking system two weeks after two large bank collapses triggered financial turmoil in the United States and Europe

The Independent UK

Top Fed official: Silicon Valley Bank was "textbook case of mismanagement"

A congressional hearing on Silicon Valley Bank’s failure will begin on Tuesday.

Axios

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

WASHINGTON — President Joe Biden’s call for legislation that would allow regulators to claw back executive bonuses and stock sale proceeds in the lead up to the Silicon Valley Bank collapse has found a receptive audience on Capitol Hill.

Tribune News Service

Bank of America becomes new Boston Marathon sponsor

The bank has sponsored the Chicago Marathon for the last decade. Unlike that race, which is officially named the Bank of America Chicago Marathon, the Boston Marathon will keep its name, with the “presented by Bank of America” tagline.

Chicago Sun-Times

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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

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

First Citizens Bank will buy Silicon Valley Bank

RALEIGH, N.C. — Raleigh’s First Citizens Bank is buying most of Silicon Valley Bank, the tech-focused financial institution which collapsed earlier this month.

Tribune News Service

Saudi National Bank chair resigns after Credit Suisse comments

Ammar Al Khudairy’s remarks about Swiss lender spurred investor panic that led to emergency takeover

The Guardian - UK

Money's moving out of the banking system

Where is it landing?

Axios

Barclays to close 14 more branches across England and Wales - full list

Locations will shut down across England and Wales as the bank announces a new scheme to meet customer needs

Manchester Evening News

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

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WEKU

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.

The Guardian - UK

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

Al Jazeera

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.

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Wales Online

Barclays bank to close more branches across UK - full list

This is the second list of branches earmarked for closure in a matter of weeks

The Times of India

First Citizens buys Silicon Valley Bank

NEW YORK: First Citizens BancShares Inc agreed to buy Silicon Valley Bank which was seized by regulators following a run on the lender.

The Guardian - AU

Australian banks urge Albanese government to ban use of credit cards for online gambling

‘Why should it be possible to do something in the virtual world that is prohibited in the real world?,’ Anna Bligh says

Wales Online

UK Treasury takes back £150m from the Welsh Government because it hadn't spent it quickly enough

Welsh ministers had wanted to use the money to cover infrastructure spending and are furious at Westminster's actions

Bangkok Post

Thailand unscathed by Western banking turmoil

Most economists from the public and private sectors expect the ongoing US and European banking crisis to have a limited effect on the Thai banking sector thanks to the solid fundamentals of local banks and the strong supervision of the Bank of Thailand.

The Guardian - UK

IMF chief warns global financial stability at risk from banking turmoil

Kristalina Georgieva joins others in voicing fears about threat to world economy after recent bank collapses

Liverpool Echo

Security guard who's watched over iconic building for decades

The space is currently being transformed for commercial use

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People

Arkhom Termpittayapaisith

Pakorn Peetathawatchai

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