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The Latest Breaking News on Fears of City jobs axe grow as IG cuts 10% of staff

ASX 200 loses 1.4pc after volatile trade on Wall St as investors weigh Silicon Valley Bank collapse

Australian stocks end sharply lower, as markets across the region take a tumble after US bank stocks suffered their biggest falls in 2.5 years. Here's how the day's events unfolded on the ABC News markets blog.

ABC News

Will Silicon Valley Bank's collapse spark a US recession with ripple effects across the globe?

Based in California and with about $US200 billion in assets, Silicon Valley Bank (SVB) was the 16th-largest in America, making it the biggest bank failure since the global financial crisis of 2008. The implications for financial markets and the global economy are big.

ABC News

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

The Guardian - UK

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The stock market is killing bank stocks after SVB’s collapse, but most investors are cheering a perceived end to the Fed's tightening

“The market is sending a consistent message today: It fears that a U.S. recession is about to start.”

Fortune

Paul J. Davies: A full banking crisis isn’t apparent in the SVB wreckage

The market still appears to be hunting for weakness among some smaller U.S. banks and even across Europe after U.S. authorities stepped in to guarantee deposits at Silicon Valley Bank. This makes little sense: There should be no snowballing of runs on banks. But profit expectations could be trimmed at…

Tribune News Service

First Republic leads rout as SVB backstop fails to quell jitters

Investors fearful of a bank run are selling stocks and driving down bond yields.

Axios

US regional banks remain under pressure as First Republic sinks

Turmoil continued to engulf shares in banks as investors rushed to reduce exposure to the banking industry after seeing equity stakes wiped out at Silicon Valley Bank and Signature Bank.

Tribune News Service

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FTSE 100 suffers sharp fall as HSBC buys Silicon Valley Bank UK for £1

FTSE 100’s top tier fell nearly 2% in morning trading on Monday

The Independent UK

The collapse of Silicon Valley Bank reveals cracks in a system that leans on government bonds

Unlike the debacle surrounding the collapse of Sam Bankman-Fried's crypto kingdom FTX late last year, the sudden demise of Silicon Valley Bank last weekend has its origins at the other end of the financial spectrum, explains Ian Verrender.

ABC News

J.P. Morgan, PNC among suitors for SVB holding company

Talks exclude the stricken commercial bank, sources told Axios.

Axios

Circle adds Cross River as banking partner and expands BNY ties, USDC peg closes

An announcement by Circle about new banking partners comes as the brief de-pegging of USDC came to an end.

Fortune

ASX 200 falls, US regulators to protect all Silicon Valley Bank depositors — as it happened

The Australian share market closed lower on Monday, as the fallout from the collapse of startup-focused lender Silicon Valley Bank (SVB) spooked investors. Catch up on the day's market news.

ABC News

After Silicon Valley Bank failure ‘there’s going to be more,’ warns former FDIC Chair William Isaac

“There’s no doubt in my mind," said Isaac. "Seems to me to be a lot like the 1980s.”

Fortune

Janet Yellen says the federal government won't bail out Silicon Valley Bank

The California lender was taken over by regulators after a "run" on the bank. The Treasury secretary says the U.S. won't come to the bank's rescue like it did for others in the 2008 financial crisis.

WEKU

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Fortune

The first social media bank run? A newsletter popular with VCs may have been the domino that started the Silicon Valley Bank implosion

According to one theory, the run on SVB can be traced back to an email newsletter and an accompanying tweet, and the subsequent reaction.

The Guardian - US

US guarantees all deposits after Silicon Valley Bank collapse, as Biden promises action

Announcement comes as Signature Bank was closed on Sunday by regulators – the second to fail in a week

Evening Standard

Government to line up Barclays for Silicon Valley Bank UK unit rescue deal

The government is seeking to line up Barclays to take over the UK unit of Silicon Valley Bank (SVB) in a bid to rescue it from liquidation, the Standard has learned.

The Independent UK

Yellen says no federal bailout for Silicon Valley Bank

Treasury Secretary Janet Yellen says the federal government won't bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money

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Fortune

Regulators shut down SBV after bank run

How can a bank run happen in 2023? Why didn’t anyone step in to save SVB? And who is at risk now?

Asharq Al-Awsat

One of Silicon Valley's Top Banks Fails; Assets are Seized

Regulators rushed Friday to seize the assets of one of Silicon Valley's top banks, marking the largest failure of a US financial institution since the height of the financial crisis almost 15 years ago. Silicon Valley Bank, the nation’s 16th-largest bank, failed after depositors hurried to withdraw money this week…

The Independent UK

From wine country to London, bank's failure shakes worldwide

It was called Silicon Valley Bank, but its collapse is causing shockwaves around the world

The Independent UK

Trump blamed over Silicon Valley Bank collapse for watering down financial regulations

Fifty Republican and 17 Democratic senators voted to reduce regulations on the bank

Fortune

Collateral damage from Silicon Valley Bank's explosion

The tech ecosystem has been tossed into turmoil as , one of the nation’s largest banks for startups, collapsed Friday following a run on deposits. Now, with the bank’s assets frozen and under the control of the Federal Deposit Insurance Corporation, SVB’s customers, employees, and investors are grappling with a…

The Guardian - UK

Government to meet tech firms following collapse of Silicon Valley Bank UK

Industry leaders expected to call for state intervention to avoid failure of hundreds of UK firms

Axios

SVB: A startup bank's rise and fall

How SVB happened, and how it all came crashing down.

1 … 4 5 6 7

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