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The Latest Breaking News from SVB

Silicon slump? How worried should we be about another financial crisis?

The collapse of Silicon Valley Bank has raised the spectre of another financial crisis. As the contagion appears to be spreading, Samuel Fishwick investigates how spooked we should be feeling

Evening Standard

Conor Sen: What makes this economic slowdown different from the others?

We’ve been watching slumps ripple through various parts of the economy over the past 18 months: technology startups and stocks, regional banks and growing concern about commercial real estate. Yet we’re still waiting for the wider labor market to feel the downturn.

Tribune News Service

Lex in depth: how safe are America’s regional banks?

After the recent failures of Silicon Valley Bank and others, the FT has analysed more than 100 institutions to identify those that are the biggest cause for concern

Financial Times

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In the wake of SVB collapse, the White House is calling for new rules for regional banks

The administration wants to reverse some Trump-era policies

Axios

Janet Yellen says the Trump administration 'decimated' the Treasury's financial stability department and she's focused on repairing the 'cracks'

Yellen claimed many teams responsible for banking regulation were either drastically cut or completely eliminated before her tenure, and she’s had to “rebuild the financial stability infrastructure.”

Fortune

One of the world's richest men knows why Silicon Valley Bank really failed: 'People on iPhones'

Stephen Schwartzman, worth $42 billion and at the head of a firm managing almost $1 trillion, says social media is what doomed the bank.

Fortune

White House urges regulators to toughen rules after bank failures - Roll Call

The White House urged financial regulators to toughen rules on banks after several failures. A top House Republican criticized the move.

Roll Call

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What bank CEOs should tell clients to reassure their money is safe

It’s up to bank CEOs to convince clients that their money is safe.

Fortune

Bipartisan group of senators offer clawback bill for bank failures

WASHINGTON — A bipartisan group of senators released draft legislation Wednesday that would claw back executive pay in the five years leading up to a bank’s failure, following President Joe Biden’s call on Congress to take action.

Tribune News Service

The banking crisis was ‘not a systemic event,’ it only affected ‘dumb and greedy institutions,’ according to famed short seller Jim Chanos

Chanos pinned the blame for SVB's collapse on the bank's leadership, while arguing the bank's issues aren't widespread. But that doesn't mean stocks are safe, he warned.

Fortune

Fed’s Barr acknowledges oversight lapses before SVB failure

The Federal Reserve’s top bank regulator on Wednesday said that supervisors could have done more to keep tabs on Silicon Valley Bank before it collapsed earlier this month.

Tribune News Service

Bipartisan group of senators offer clawback bill for bank failures - Roll Call

Four senators from both parties released a draft bill to claw back executive compensation in the five years leading up to a bank failure.

Roll Call

Jason Lee's last startup to launch in a month

Jason Lee's last startup was DailyPay, which raised over $1 billion, including $175 million in equity capital and the remainder in a revolving credit facility and a term loan. (SVB Capital, the venture capital and credit investment arm of SVB Financial Group, provided a small portion of the DailyPay term…

Fortune

SVB's newfangled failure fits a century-old pattern of bank runs, with a social media twist

The failure of Silicon Valley Bank on March 10, 2023, came as a shock to most Americans. Even people like myself, a scholar of the U.S. banking system who has worked at the Federal Reserve, didn’t expect SVB’s collapse.

The Conversation

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Fortune

Key takeaways from the Senate’s bank failure hearing

Amid all the finger-pointing, Senators and speakers said more monitoring was needed in the banking sector.

Fortune

Top economist Mohamed El-Erian warns that ‘erosion in trust’ caused by banking crisis will lead to ‘economic contagion’

El-Erian warned “fallout” from recent banking stress is adding to pressure on the economy.

Kiplinger

How to Protect Your Cash and Investments in a Banking Crisis

A focus on FDIC insurance and Treasury-only money market or bond fund options can help safeguard investments when a banking crisis threatens.

Chicago Sun-Times

Fed official says banking rules are under review in the wake of SVB failure

Michael Barr, the nation’s top banking regulator, said Silicon Valley Bank was warned in the fall of 2021 that its interest rate model was not ‘aligned with reality.’

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ABC News

ASX closes higher as inflation falls for second month, US regulator slams Silicon Valley Bank for 'terrible' risk management

The Australian share market has closed higher for its third day in a row, while the ABS's latest inflation data shows cost-of-living pressure are easing, which may strengthen the case for the Reserve Bank to keep interest rates on hold next week.

Salon

FDIC reveals SVB "billionaire bailout"

"The core reason SVB's depositors got bailed out had little to do with morals or even financial risk," critic says

WEKU

5 things we learned from the Senate hearing on the Silicon Valley Bank collapse

A top federal regulator called the failure of Silicon Valley Bank a "textbook case of bank mismanagement" during a Senate hearing about what led to its spectacular collapse

Tribune News Service

US officials signal new rules for banks after SVB, Signature failures

Top U.S. financial officials on Tuesday outlined what’s likely to be the biggest regulatory overhaul of the banking sector in years, in an initiative aimed at addressing underlying issues that contributed to the collapse of Silicon Valley Bank and other U.S. regional lenders.

Zenger

How A $700M Tech VC Firm Was Saved From SVB Collapse, And Why Its CEO Still Banks There

The collapse of Silicon Valley Bank has sounded an alarm for the entire banking sector as a VC Tech still banks there

Fortune

Goldman Sachs says the banking meltdown is a 'headwind' for the economy but not a recession-causing 'hurricane'

Goldman's chief economist believes tighter lending standards after SVB's collapse will help fight inflation instead of causing a "hurricane that pushes the economy into recession."

Axios

The huge question created by SVB's failure

A huge open question is not whether bank supervisors can identify problems but what ought to happen when they do.

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