Category: Companies

Bank Failures Lead to Investor Bets That Fed Will Ease up on Rate Hikes

March 13, 2023
Business & MarketsCompanieseconomic policieseconomyFederal Reserveinterest ratesInvestmentMarketsSilicon Valley Bank CollapseUSUS News
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The collapse of Silicon Valley Bank and Signature Bank has sent a shock wave across markets while sharply bolstering investor expectations that the Federal Reserve will ease up on the pace of its rate hikes—or stop raising interest rates entirely. A week ago, before Silicon Valley Bank (SVB) became a household name as regulators ordered…

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FDIC Transfers All Deposits From Failed Silicon Valley Bank to Newly Created ‘Bridge Bank,’ Names CEO

March 13, 2023
Bridge BankBusiness & MarketsCompanieseconomic policieseconomyFDICInvestmentMarketsPolicies & ImpactsSilicon Valley BankUS
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The U.S. Federal Deposit Insurance Corporation (FDIC) has transferred all deposits of Silicon Valley Bank (SVB), both insured and uninsured, to a newly created “bridge bank” with a newly named CEO. A massive run on deposits was triggered over SVB’s bond portfolio and its failure to raise capital, causing money to empty out, leading to the bank’s…

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First Republic Bank Shares Crash 60 Percent as Financial Stability Jitters Spread

March 13, 2023
Business & MarketsCompanieseconomyFirst Republic BankMarketsSharesSignature BankSilicon Valley BankSilicon Valley Bank CollapseUSUS News
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Shares of First Republic Bank plunged more than 60 percent in premarket trading on March 13, despite the lender reassuring customers that their deposits are safe amid concerns surrounding the collapse of Silicon Valley Bank (SVB) and Signature Bank. In an email to clients on Sunday, First Republic Founder and Executive Chairman Jim Herbert and CEO and President…

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Bank With Over $176 Billion in Deposits Shows Ominous Sign

March 13, 2023
Business & MarketsCompanieseconomyFirst Republic BankMarketsSharesSignature BankSilicon Valley BankSilicon Valley Bank CollapseUSUS News
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Shares of First Republic Bank plunged more than 60 percent in premarket trading on March 13, despite the lender reassuring customers that their deposits are safe amid concerns surrounding the collapse of Silicon Valley Bank (SVB) and Signature Bank. In an email to clients on Sunday, First Republic Founder and Executive Chairman Jim Herbert and CEO and President…

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Silicon Valley Bank Management Fired, Investors Will Not Be Protected: Biden

March 13, 2023
Business & MarketsBusiness ColumnistsCompanieseconomyJoe BidenMarketsSignature BankSilicon Valley BankSilicon Valley Bank CollapseUSUS News
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The American people can have confidence that the U.S. banking system is safe, President Joe Biden said in a prepared address. While speaking before his visit to California on Monday, the president outlined his administration’s plan surrounding Silicon Valley Bank (SVB) and Signature Bank. “Your deposits will be there when you need small businesses across…

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Biden Says ‘Banking System Is Safe’ Amid Fallout From SVB Collapse

March 13, 2023
Business & MarketsBusiness ColumnistsCompanieseconomyJoe BidenMarketsSignature BankSilicon Valley BankSilicon Valley Bank CollapseUSUS News
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The American people can have confidence that the U.S. banking system is safe, President Joe Biden said in a prepared address. While speaking before his visit to California on Monday, the president outlined his administration’s plan surrounding Silicon Valley Bank (SVB) and Signature Bank. “Your deposits will be there when you need small businesses across…

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Credit Suisse Shares Hit New Low

March 13, 2023
Business & MarketsCompaniesCredit Suisseeconomic policieseconomyinflationlowMarketsRECORDSharesstocks
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ZURICH—Credit Suisse shares hit a new record low in morning trading on Switzerland’s stock exchange. Bank shares in Europe and Asia plunged on Monday as the collapse of startup-focused Silicon Valley Bank continued to batter markets, while U.S. large banks failed to hold onto a brief premarket rally after authorities moved to stem the contagion….

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Europe’s Bank Shares Plunge, Bonds Rally Despite SVB Rescue Effort

March 13, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON, SYDNEY—Europe’s bank shares suffered their biggest fall in over a year and bond markets saw a gigantic repricing of rate hike bets on Monday as global efforts to limit the fallout from the collapse of Silicon Valley Bank (SVB) failed to ease fears. The dollar slid too as Wall Street heavyweights such as Goldman…

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Biden Insists Financial System Is ‘Safe’ Following Failures of SVB, Signature Bank

March 13, 2023
Business & MarketsCompanieseconomic policieseconomyExecutive BranchJoe BidenMarketsPoliticsSilicon Valley BankUSUS News
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President Joe Biden on Sunday issued a statement on the failures of Silicon Valley Bank (SVB) and Signature Bank, insisting that the U.S. financial system is “safe” after the Federal Reserve rolled out an emergency lending program to stabilize the banking system. It comes after the Federal Deposit Insurance Corporation (FDIC) expanded its deposit insurance…

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HSBC Buys Silicon Valley Bank’s UK Subsidiary for 1 Pound

March 13, 2023
Bank RunBusiness & MarketsCompanieseconomyHSBCMarketsSilicon Valley BankUKUK financial marketUSWorld
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Banking giant HSBC has announced a takeover of the UK subsidiary of Silicon Valley Bank (SVB) after the U.S. bank failed last week, triggering concerns about the falloff affecting the UK’s tech sector. Santa Clara-based SVB failed on March 10, with California regulators ordering the firm to shut down and appointing the Federal Deposit Insurance…

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