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The Latest Breaking News on Financial Services

West Side credit union sets opening for August

State regulators approved the partnership between the Leaders Network and Great Lakes Credit Union, allowing the pair to plan their next steps, including a Juneteenth celebration marking the launch of online services.

Chicago Sun-Times

Silicon Valley Bank: inquiries launched into bank’s collapse and UK arm

Probes announced in the UK and US over failure of California lender as financial markets recovered from Monday’s turmoil

The Guardian - UK

Making sense of Silicon Valley Bank's failure: What it means for your money

It's never a good sign when "bank collapse" is trending on Twitter.

Los Angeles Times

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Fed, under criticism for bank failure, faces tough decisions

The Federal Reserve is facing stinging criticism for missing what observers say were clear signs that Silicon Valley Bank was at high risk of collapsing into what became the second-largest bank failure in U.S. history

The Independent UK

Silicon Valley Bank execs, parent company sued after collapse

Class-action lawsuit seeking damages alleges that tech-focused bank failed to disclose risks from interest rate hikes.

Al Jazeera

Amid fears for small players, big banks agree to a competition inquiry

Is NZ developing a two-tier banking system? There’s concern smaller savings institutions may be placed at greater risk, if customers follow Americans' flight to big banks this week. Jonathan Milne reports.

Newsroom.co.nz

Critics blame ESG for Silicon Valley Bank failure

Economy and Society is Ballotpedia’s weekly review of the developments in corporate activism; corporate political engagement; and the Environmental, Social, and Corporate Governance (ESG) trends and events that characterize the growing intersection between business and politics.

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US bank fears hit Asia stocks

The Thai stock exchange fell more than 3%, almost 50 points, on Tuesday in tandem with most Asian stock markets due to fears of contagion effects from the collapse of US banks.

Bangkok Post

Credit Suisse warns of ‘material weaknesses’ in financial reporting

Swiss bank’s shares fall as annual report reveals another blow to its bid to recover from string of scandals

The Guardian - UK

OPINION - My life is already a 24/7 Armageddon alarm, I don’t need the Government one

Gary Lineker nearly melts the BBC, $100 billion is wiped off the value of US banks overnight and Twitter implodes over perceived injustices at the Oscars. Meanwhile, back in Zone 3, I’m worrying about a bizarre — and most unwelcome — new government initiative, to further terrify us via our…

Evening Standard

Silicon Valley Bank collapse sends shockwaves across global markets

The swathes of deposit withdrawals in the US have shone a spotlight over the fragility of many mid-tier banking institutions

Evening Standard

NatWest set new limits on cryptocurrency trading

New daily and monthly limits for customers are being introduced by the bank

Birmingham Post

Size matters when it comes to bank failures

Two failures in one year isn't that unusual. It's the dollar amounts that are eye-popping.

Axios

First Thing: global markets gripped by Silicon Valley Bank collapse

Bank shares slide around world amid panic caused by SVB failure as its parent company and two top executives are sued by shareholders. Plus, what’s next for Escobar’s hippos?

The Guardian - UK

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Asharq Al-Awsat

Fears of SVB’s Collapse Having Repercussions on Arab Countries

The collapse of the California-based Silicon Valley Bank (SVB) has fueled fears among customers, depositors, and technology companies regarding the economic level in the US.

Bangkok Post

Asian currencies, stocks fall on SVB contagion fears

SINGAPORE: Most Asian currencies and equities lost ground on Tuesday as the United States banking sector crisis unnerved investors, although the Malaysian ringgit bucked the trend to climb higher.

Axios

Inside Biden's SVB move to stop future bank runs

The decision to protect depositors carried some risks.

Asharq Al-Awsat

Kuwait: Limited Exposure to Collapse of SVB

The financial sector in Kuwait announced that it had registered limited exposure to the collapse of Silicon Valley Bank. The Central Bank of Kuwait (CBK) affirmed on Sunday that the exposure of Kuwaiti banks to Silicon Valley Bank (SVB), following the closure of the bank by the US authorities, was…

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The Guardian - UK

US banking sector outlook downgraded, but regional bank shares surge – as it happened

Shares in First Republic, Western Allliance, PacWest and Zions are all rallying after Monday’s selloff; US inflation drops to 6%

The Independent UK

Asian shares extend losses as US banking worries persist

Asian shares have fallen as investors around the world watch to see what's next following the second- and third-largest bank failures in U.S. history

AAP

Australia 'well placed' to withstand US bank shocks

Policymakers and regulators are monitoring the fallout from the collapse of Silicon Valley Bank for potential impacts on Australia.

The Independent UK

SVB collapse — latest news: Silicon Valley Bank ‘open for business’ says new CEO as Moody’s US bank view dims

Collapse of Silicon Valley Bank (SVB) marks biggest US bank failure since Washington Mutual during 2008 financial crisis

The Times of India

Silicon Valley Bank collapse: Financial stocks lose $465 billion globally

Global financial stocks have lost $465 billion in market value so far as investors cut exposure to lenders from New York to Japan in the wake of Silicon Valley Bank’s collapse.

Al Jazeera

Why did Silicon Valley Bank fail and is a financial crisis next?

Economists see Lehman Brothers-style crisis as unlikely despite jitters following collapse of California-based lender.

Chicago Sun-Times

Washington tries to contain chaos from Silicon Valley Bank’s failure

Analysts say there is little chance of a wider banking crisis after the failure of Silicon Valley Bank, as the banking system is well-capitalized and passed stress testing.

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