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The Latest Breaking News from SVB

Everyone take a deep breath -- our banks are ok

City Comment: A run on banks used to take weeks. Now it takes hours...

Evening Standard

How CFOs should be thinking about risk in light of SVB's collapse

CFOs are facing questions from boards, even if their company wasn't directly impacted.

Fortune

Doyle McManus: Silicon Valley Bank's collapse may be a blessing in disguise

In the brief but spectacular collapse of Silicon Valley Bank, we may just have witnessed the best banking crisis ever.

Los Angeles Times

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Silicon Valley Bank's demise animates early days of California's 2024 US Senate contest

With a mirror slightly askew in the background, Rep. Katie Porter sat in her Irvine bedroom and flipped on Instagram live as several regional banks teetered on collapse, with depositors frantically seeking to pull money from their accounts.

Los Angeles Times

Explainer: are we in a banking crisis?

The below-market sale of Credit Suisse has spooked investors but other markets have held up well and central banks are working to keep money flowing

The Guardian - AU

Collapse of Silicon Valley Bank Has Chinese Startups Worried

The now-failed SVB served roughly 2,200 clients in China and advised government regulators who were eager to build the country’s tech sector.

The News Lens

Elizabeth Warren says Fed chair ‘failed’ and calls for inquiry into bank collapse

Progressive Democrat launches offensive on politicians on the left and the right who supported Trump-era deregulation of US banks

The Guardian - US

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Silicon Valley Bank’s collapse will not be a one-off – a banking crisis was long overdue

We now know what happens when central banks raise rates and reverse QE

The Guardian - UK

Silicon Valley Bank collapse concerns founders of color

While Wall Street works to contain the biggest American bank failure since the 2008 financial meltdown, founders of startups who are people of color worry it could become even harder to secure financial support

The Independent UK

Bank runs, bailouts, rescues: are the ghosts of 2008 rising again?

The travails of Credit Suisse and others have stirred up bad memories for a public still scarred by the financial crisis

The Guardian - UK

The SVB debacle has exposed the hypocrisy of Silicon Valley

US tech innovators have a culture of regarding government as an innovation-blocking nuisance. But when Silicon Valley Bank collapsed, investors screamed for state protection

The Guardian - UK

Silicon Valley’s hubris nearly ruined the U.S. economy

Tech thought it was exceptional. Maybe it was all wishful thinking.

Fortune

SVB collapse proves global financial system needs rethink, says Nobel economist

After Silicon Valley Bank collapsed, shaking world markets, Nobel economics prize winner Joseph Stiglitz says US authorities "did the right thing" by providing federal money to protect deposits. But the economist also says the financial system needs a rethink to properly bring it into the digital era.

Radio France Internationale

Credit Suisse Meets to Weigh Options, under Pressure to Merge with UBS

Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank as regulators urged it to pursue a deal with Swiss rival UBS AG. Credit Suisse Chief Financial Officer Dixit Joshi and his teams will hold meetings over the weekend to assess…

Asharq Al-Awsat

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Bangkok Post

Regional banks safe from US contagion

Asia-Pacific banks are resilient to risks related to the failures of their US peers, says Fitch Ratings, noting that regional banks have limited direct exposure to Silicon Valley Bank (SVB) and Signature Bank.

Bangkok Post

As in 2008, JPMorgan chief plays key role in bank rescue

NEW YORK: Consulted by policymakers and able to nudge his peers into action, JPMorgan Chase CEO Jamie Dimon played a key role in a bank rescue effort this week -- a situation sparking reminders of 2008.

Fortune

Who will bid for SVB?

The FDIC is still trying to sell the bank, which is having trouble finding a buyer.

The Conversation

The collapse of major US banks leads to bills calling for more regulation

When Silicon Valley and Signature banks failed in early March 2023, government regulators rushed in to guarantee deposits and protect bank customers. Under current banking regulations, though, there was no obligation for the government to step in.

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The Conversation

What Canada can learn from the collapse of Silicon Valley Bank

The sudden collapse of Silicon Valley Bank left its investors reeling, shocked and unsure of what had happened to their funds. SVB was one of the top 20 banks in the United States, and many had trusted their money with the bank, unaware of the crisis that was brewing.

Fortune

'You can lose everything': How founders’ mental health also collapsed with SVB's downfall

This week, over 30 venture capital firms signed a pledge to address founders' mental health following SVB’s collapse.

Tribune News Service

Biden seeks FDIC authority to claw back bankers’ compensation

WASHINGTON — President Joe Biden on Friday urged Congress to pass legislation that would give the Federal Deposit Insurance Corporation authority to “claw back” executive pay at failed banks and to bar the executives from jobs in the banking industry.

Salon

SVB collapse reveals regulatory failure

It's a familiar cycle: Boom, bust, then bailout. Now everyone is wondering where the financial regulators were

Fortune

Bank run mints viral star

Vanessa Pham, cofounder of Asian home cooking startup Omsom, shared screenshots and text messages as she tried to save her startup when SVB crashed.

Al Jazeera

Biden urges ‘accountability’ for executives of failed banks

US president calls on Congress to impose tougher penalties on senior officials of banks that fail due to mismanagement.

Kiplinger

Germany's Weed Legalization Efforts Progress: This Week in Cannabis Investing

Weed legalization efforts in Europe's second most-populous country received "very good feedback" from the EU.

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