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The Latest Breaking News from SVB

Oculus founder Palmer Luckey leads group of tech billionaires launching new crypto-bank — aims to fill the void left by Silicon Valley Bank's 2023 collapse

It's looking to fortify its coffers with stablecoins.

Tom’s Hardware

Palmer Luckey, Peter Thiel, Joe Lonsdale Launch Erebor Bank For Startups, Crypto And Defense — A Digital-Only Bet On The Post-SVB Era: Report

Defense tech billionaire Palmer Luckey is spearheading the launch of Erebor, a digital-only bank targeting startups, cryptocurrency businesses, and defense contractors left underserved after Silicon Valley Bank‘s collapse in March 2023.

Benzinga

Legal AI startup Ontra raises $70M to automate back office tasks for Wall Street

The startup’s clients include Blackstone and Warburg Pincus.

Fortune

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Banks are sitting on $500 billion in unrealized losses, and stagflation could cause another Silicon Valley Bank-like crisis

As long as interest rates remain elevated, lenders could be at risk if depositors get spooked.

Fortune

JPMorgan Chase axes startup-VC platform Capital Connect, but remains committed to innovation economy

JPMorgan has redeployed most of Capital Connect’s 200 employees.

Fortune

MPs back Bill to prevent taxpayers being ‘on the hook for small bank failures’

The Government has said the mechanism would provide more flexibility.

The Independent UK

How the Communist Party quietly took over SVB's China operation, according to a former CEO

"It was like they were having an affair with my wife, and they were giving me a reward for having picked her in the first place,” Ken Wilcox told Fortune.

Fortune

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‘Chasing yield’ was an inside joke at SVB—until it led to the bank’s collapse

Back in 2011, some of the bank leaders were involved in running jokes about chasing yield. Now, they don’t seem so funny.

Fortune

Bank of England seeks action from Britain's biggest banks on crisis plans

Threadneedle Street eyes lessons to be learned after SVB and Credit Suisse demise

Evening Standard

‘Banks continue to become increasingly less relevant’: the professor who sees a $2 trillion hole in the economy predicts a thinning of the herd

Small-to-mid-size banks will be the first forced out of business, he says. “There are quite a few banks in the United States right now that have very similar risk characteristics [to Silicon Valley Bank]."

Fortune

The Great Financial Crisis kick started the private credit boom, but SVB was its true 'watershed' moment, Sixth Street co-president says

Joshua Easterly, co-CIO and co-president of Sixth Street, said he realized after the GFC in 2009 that private credit was the next big thing.

Fortune

HSBC Innovation Banking needs to reaffirm its roots

City Comment: SVB UK had an intimate knowledge of the British startup scene. It mustn’t lose sight of that.

Evening Standard

Regional Banks Struggle Post SVB Collapse

Explore challenges and opportunities faced by regional banks in the USA post-SVB collapse.

Top News

First Citizens Approaches Buy Point Near Record Highs; SVB Boost Fuels 91% Rally In 2023

IBD Stock Of The Day: First Citizens BancShares is actionable near record highs as its Silicon Valley Bank purchase fuels a major rally.

Investors Business Daily

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Fortune

Inside a bankruptcy committee’s ongoing investigation into the failure of Silicon Valley Bank

Since June, the Committee has subpoenaed documents from McKinsey, Curinos, BlackRock, Ernest & Young, and Goldman Sachs to unearth all available information.

Cycling News

EF Education-TIBCO-SVB set to fold, riders and staff free to join new teams in 2024

'It is with deep regret that I confirm that I have not been able to secure the sponsorship needed to maintain my WorldTour licence' says owner Linda Jackson

Fortune

Wineflation: A bottle of Napa Valley wine now averages over $108, a $17 jump in the past year

There’s no relief in sight, with most wineries saying they plan to raise prices even higher this year.

Fortune

What is FDIC insurance and how does it protect you?

If a bank fails, the FDIC has your back and protects your deposits.

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news in one place.

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Zenger

Fed To Strengthen Capital Requirements For Big Banks After Recent Failures

Proposed changes would mandate larger banks to hold additional capital as buffer against potential losses.

Al Jazeera

Silicon Valley Bank’s former owner sues US watchdog for $1.9bn

Federal Deposit Insurance Corporation accused in lawsuit of violating US bankruptcy law.

Fortune

Big U.S. banks passed the Fed's stress test—but there's a 'looming risk' says former Fed official

Although the test found the largest lenders could withstand a severe recession, risks can still arise.

Zenger

Silicon Valley Bank Collapse Turned Into Musical Comedy By Composer

Software engineer Mauricio Costa draws inspiration from Lin-Manuel Miranda for 'The Valley' musical

Fortune

How the banking crisis catalyzed the government’s war on insider trading

Rule 10b5-1 plans allow executives to sell their company’s stock without violating insider trading laws. The government is now treating them as red flags.

Birmingham Post

From Ely in Cardiff to being at the heart of regulating UK financial services

Sheldon Mills was told by a teacher to forget about ever becoming a lawyer

The Guardian - UK

Falling funds and the rise of AI are top of the menu at London tech talks

Artificial intelligence will be the main talking point at London Tech Week but investment and skills problems remain

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