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The Latest Breaking News from HSBC

Watch as Bank of England governor speaks to Treasury committee on SVB rescue

Watch as Bank of England governor Andrew Bailey speaks to the Treasury committee about Silicon Valley Bank (SVB) after its £1 rescue by HSBC.

The Independent UK

Bank closures announced in 2023 including HSBC, Lloyds and Barclays - full list

More than 5,000 branch closures have been announced since January 2015 by banks and building societies

Wales Online

Full list of bank closures across the UK including in the North East - Halifax, HSBC and more

Nationwide, Santander, NatWest, Barclays and Lloyds are also among the banks shutting several branches this year, with Newcastle, North Tyneside, South Tyneside and Durham affected

Chronicle Live

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Investors force HSBC shareholder vote on structural overhaul

Minority shareholder Ken Lui leads campaign seeking to split bank’s Asian and western businesses

The Guardian - UK

Bank of Dave star says High Street banks have lost touch and no longer care about customers

Man behind 'Bank of Dave' offers to buy UK arm of SVB off HSBC for £1 - double the amount bosses paid for it - as he slams global financial system

Daily Mirror

Expansion plans for Swansea performing arts school following buyout

Stagecoach Performing Arts was acquired following a six-figure funding package for HSBC UK

Birmingham Post

Four ways to protect your small business from a banking crisis

The banking sector is currently experiencing great strain, which has resulted in several bank bailouts – most recently UBS’ deal to buy its Swiss competitor Credit Suisse following a collapse in confidence in the latter. HSBC’s acquisition of the UK arm of the collapsed Silicon Valley Bank the previous week…

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Billions knocked off UK banking shares as financial fears linger after $3.3 billion Credit Suisse rescue

Interest rate rises look less likely as turmoil continues in financial sector as wider markets find support

Evening Standard

UK and US shares climb as banks and ministers aim to calm Credit Suisse fears

FTSE 100 rises and European banking shares are up after early jitters over what UBS takeover deal means for bondholders

The Guardian - UK

Millions paid in bonuses to UK Silicon Valley Bank staff days after £1 rescue

Workers reported to have received payouts from ‘modest’ pool of £15m-£20m following takeover deal by HSBC

The Guardian - UK

Inside ‘Operation Yeti’: How U.K. tech survived SVB’s collapse

In a matter of hours, investors, founders, industry volunteers, and government worked together to make sure 40% of their startups don’t go under.

Fortune

"It's still not great": Industry divided on government's SMB tax relief package

The UK government's changes to R&D tax relief credits have been met with a mixed reception following the Spring Statement on Wednesday. Delivering the statement in the House of Commons, Chancellor Jeremy Hunt revealed the government's plans to roll out an ‘enhanced’ tax relief package for SMBs across the country.…

IT Pro

Silicon Valley Bank: what really happened and what it means for London

Silicon Valley Bank almost collapsed this week until leading figures in the US and UK stepped in — but what is the bank and why did it create such panic? Rohan Silva reports

Evening Standard

Bristol tech firm to create jobs and expand office after funding deal

Amdaris has secured a seven-figure finance package from bank HSBC

Birmingham Post

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Daily Mirror

Huge fire breaks out at HSBC building in town centre as black smoke billows into sky

Photos and videos of a fire at HSBC Loughborough in Leicestershire emerged on social media this afternoon. Fire services rushed to the scene and residents have been asked to stay away

Birmingham Post

Gateshead's GAP Group creates new jobs following eight-figure funding deal

The HSBC finance package will help the recycling and haulage business to meet its net zero targets

The Guardian - UK

SVB collapse may be start of ‘slow-rolling crisis’, warns BlackRock boss

Larry Fink tells investors more ‘shutdowns and seizures’ in US possible and predicts inflation and interest rates to rise

Evening Standard

High street banks lure tech firms away from Silicon Valley Bank UK after HSBC rescue deal

High Street banks are quietly stepping up their efforts to lure startups away from Silicon Valley Bank UK as the beleaguered firm’s customers weigh up whether to keep their accounts open after a last-minute rescue deal by HSBC.

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The Guardian - UK

Silicon Valley Bank: inquiries launched into bank’s collapse and UK arm

Probes announced in the UK and US over failure of California lender as financial markets recovered from Monday’s turmoil

Evening Standard

Spring Budget 2023: High noon for Hunt on energy prices, the City and corporate tax breaks

Help with childcare costs and and a rise to the cap on pension contributions expected to boost workforce

The Guardian - UK

TechScape: How Silicon Valley Bank UK was saved

In this week’s newsletter: While its quick slip into financial hardship has left American bankers reeling, its UK division is surprisingly fine. But the tech sector isn’t out of trouble yet

Daily Mirror

Why Silicon Valley Bank collapse in US is worry for every Brit - your questions answered

More than £50billion was wiped off the value of Britain’s 100 biggest listed firms as the failure of tech sector lender Silicon Valley Bank spooked stock markets. Here's what you could you expect next

The Guardian - UK

‘It was frantic’: the scramble to save SVB UK and avert a banking crisis

A small army worked through the weekend to ensure 3,500 UK customers – largely tech firms – still had cash on Monday

The Guardian - UK

Big tech has long thought itself above the state. Silicon Valley Bank’s meltdown is stark proof that it isn’t

In the US, the Federal Reserve has stepped in to guarantee deposits. The tech sector should realise it can’t go it alone, says James Ball, of The Bureau of Investigative Journalism

Evening Standard

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

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

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