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The Latest Breaking News on Financial Services

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

The Independent UK

More than 200 UK firms at ‘serious risk’ from Silicon Valley Bank collapse

Government ‘working at pace’ to limit damage, says chancellor

The Independent UK

Silicon Valley Bank collapse is 'serious risk' to UK firms as Tory 'urgency' slammed

Jeremy Hunt this morning said there is a 'serious risk' to UK tech firms following the collapse of Silicon Valley Bank - but Labour's Rachel Reeves said she is concerned about the urgency shown by the government

Daily Mirror

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SME Bank Allocates 10.5 Billion Riyals to SME Funding Solutions

The Small and Medium Enterprises Bank (SME Bank), a development bank under the National Development Fund, announced allocating an amount of 10.5 billion riyals to support the small and medium enterprises sector, through existing and new financing programs offered by the Bank, including direct and indirect lending programs, financing guarantee,…

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…

Asharq Al-Awsat

FDIC races to start returning some uninsured SVB deposits Monday

U.S. regulators overseeing the emergency breakup of SVB Financial Group are racing to sell assets and make a portion of clients’ uninsured deposits available as soon as Monday, according to people with knowledge of the situation.

Tribune News Service

SVB doled out bonuses ahead of FDIC seizure

The FDIC emailed SVB employees late last night, offering 45 days of employment.

Axios

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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

The Independent UK

As banks topple, regulators face reckoning on week of mayhem

On Monday, the head of the Federal Deposit Insurance Corp. warned a gathering of bankers in Washington about a $620 billion risk lurking in the U.S. financial system.

Tribune News Service

In WhatsApp world, everyone can hear you scream

End-to-end encryption does not prevent wall-to-wall media coverage, as many prominent users have discovered to their cost

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

The Guardian - UK

SVB: A startup bank's rise and fall

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

Axios

New bank considers offer for UK arm of collapsed Silicon Valley Bank

A new bank which has only been in business for two years is considering a bid to buy the British arm of the failed Silicon Valley Bank (SVB), according to reports.

Evening Standard

Silicon Valley Bank: Bank of England set to place UK arm into insolvency

Decision comes hours after US arm collapsed

Evening Standard

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The Guardian - US

Why did Silicon Valley Bank fail?

Shutdown and takeover of bank by regulators can be traced to the Fed raising interest rates and risk-averse investors

Chicago Sun-Times

Bridgeport bank failure case verdict: Robert M. Kowalski guilty of all charges

He was a longtime friend, customer and business partner of John F. Gembara, the Washington Federal Bank for Savings’ CEO authorities say oversaw a massive embezzlement scheme.

Bangkok Post

Latest loan guarantees aimed at SMEs

State-owned Thai Credit Guarantee Corporation (TCG) plans to launch Portfolio Guarantee Scheme 10 (PGS10) later this month, aiming to help small and medium-sized enterprises (SMEs) access loan guarantees on a lower cost basis.

WEKU

A Silicon Valley lender collapsed after a run on the bank. Here's what to know

Silicon Valley Bank was taken over by federal regulators on Friday, capping a spectacular collapse after the lender suffered a run on deposits.

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The New Daily

US regulator closes failed bank and seizes its assets

A US regulator has shut Silicon Valley Bank and appointed the Federal Deposit Insurance Corporation as the receiver.

Axios

This weekend is everything for Silicon Valley Bank and its customers

The next three days will determine if the situation escalates from an inconvenience to a crisis for SVB clients, most of which are businesses that need to meet payroll.

Bangkok Post

Markets in turmoil as US closes Silicon Valley Bank

SANTA CLARA (UNITED STATES) - US regulators shut down Silicon Valley Bank on Friday in a spectacular move that sent global banking shares into turmoil, as markets fretted over possible contagion from the biggest banking failure since the 2008 financial crisis.

The Independent UK

Silicon Valley Bank collapses in second-biggest US bank failure ever

Largest bank collapse in 15 years, since global financial crisis

The Independent UK

Silicon Valley Bank seized by FDIC as depositors pull cash

The Federal Deposit Insurance Corporation is seizing the assets of Silicon Valley Bank, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis

Evening Standard

Silicon Valley Bank collapses and enters receivership after tech firms pull funds

Silicon Valley Bank has been closed by California regulators after tech firms scrambled to withdraw funds from the business.

Axios

U.S. government takes control of Silicon Valley Bank

This is the largest bank failure since Washington Mutual in 2008.

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