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…
Bank With Over $176 Billion in Deposits Shows Ominous Sign
March 13, 2023
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Silicon Valley Bank Management Fired, Investors Will Not Be Protected: Biden
March 13, 2023
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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…
Biden Says ‘Banking System Is Safe’ Amid Fallout From SVB Collapse
March 13, 2023
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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…
How to Store Silver Coins at Home
Investing in precious metals is an excellent way to diversify your investment portfolio or build a nest egg for a rainy day. Silver coins or bars might be the perfect starting point in your precious metal journey. Silver storage is challenging because silver has a lower value per ounce than gold bullion or platinum coins…
Credit Suisse Shares Hit New Low
March 13, 2023
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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….
Dollar Drops as Fed Rate Hike Expectations Trimmed on SVB Collapse
SINGAPORE/LONDON—The U.S. dollar fell on Monday on expectations the Federal Reserve will be less aggressive in raising interest rates after authorities stepped in to limit the fallout from the sudden collapse of Silicon Valley Bank. The U.S. government announced several measures early in the Asian trading day, saying all SVB customers will have access to…
Biden Speaks on Banking System, Economy After SVB Failure
March 13, 2023
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President Joe Biden delivers remarks on maintaining a resilient banking system and protecting our historic economic recovery. …
Crude Oil Prices Slide $4 as Banking Fears Rattle Markets
March 13, 2023
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LONDON—Oil prices fell $4 on Monday along with equities as the collapse of Silicon Valley Bank raised fears of a fresh financial crisis, but a recovery in Chinese demand provided support. Brent crude futures were down $3.96, or 4.8 percent, to $78.82 per barrel by 1220 GMT. West Texas Intermediate U.S. crude futures (WTI) fell…
Europe’s Bank Shares Plunge, Bonds Rally Despite SVB Rescue Effort
March 13, 2023
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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…
Biden Insists Financial System Is ‘Safe’ Following Failures of SVB, Signature Bank
March 13, 2023
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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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