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The Latest Breaking News on Financial Services

Be serious, conservatives. ‘Wokeness’ didn’t cause Silicon Valley Bank’s demise

The right is claiming that political correctness – not capitalism – caused this financial catastrophe. Really?

The Guardian - US

Commentary: Beyond saving Silicon Valley Bank’s depositors, here’s what needs to happen next

Before Thursday, Silicon Valley Bank was regarded as being in “sound financial condition.” But on that day it experienced attempted withdrawals of $42 billion, about a third of its U.S. deposits. By close of business, the run on the bank made it incapable of paying its obligations as they came…

Los Angeles Times

Prudential backs London in boost to City

“No plans” to move stock market listing away from London says Pru CEO

Evening Standard

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Why SVB, Signature Bank failed so fast

The failures at SVB and Signature were two of the three biggest in U.S. banking history

Salon

Accused scam money launderer 'had 55 bank accounts'

Prosecutors allege a Brisbane woman accepted nearly $2.4 million from hackers and withdrew the money as cash or transferred it to foreign exchanges.

AAP

No impact on Thailand so far from US banking woes - Finance minister

Recent problems facing some banks in the United States had no impact on Thailand so far, Finance Minister Arkhom Termpittayapaisith told reporters on Wednesday.

Bangkok Post

Why Silicon Valley Bank’s collapse put the spotlight on Trump

The 2018 partial rollback of US’s Dodd-Frank is under renewed scrutiny following the failure of California-based lender.

Al Jazeera

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Washington reacts on the fly to Silicon Valley Bank failure

After a frenetic weekend of round-the-clock briefings, U.S. policymakers took the audacious step of guaranteeing all the deposits of the failed Silicon Valley Bank — even those exceeding the Federal Deposit Insurance Corporation's $250,000 limit

The Independent UK

Gallego slams Sinema over 2018 bank deregulation vote

Democratic Rep. Ruben Gallego is slamming independent Sen. Kyrsten Sinema for backing a bank deregulation bill he says contributed to the collapse of Silicon Valley Bank

The Independent UK

What are bank runs and bank failures—and how common are they?

The Silicon Valley Bank failure is the second largest in US history. The bank had controlled more than $175 billion in total deposits.

USAFacts

Did deregulation lead to Silicon Valley Bank's collapse?

It was a scene straight out of the Great Depression: a major California bank locking its doors and pulling down the shades as a horde of panicky depositors demanded their money.

Los Angeles Times

Signature Bank was seized after leaders caused ‘crisis of confidence’

Signature Bank was seized by the government Sunday after regulators lost faith in management and depositors fled, according to New York officials.

Tribune News Service

Gold resilient amid US banking tension

Gold prices held above US$1,900 an ounce on Tuesday as capital continued to flow out of global stock markets amid expectations of another US bank collapse.

Bangkok Post

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

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The Guardian - UK

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

Los Angeles Times

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.

The Independent UK

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

Al Jazeera

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.

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Newsroom.co.nz

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.

Ballotpedia

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.

Bangkok Post

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.

The Guardian - UK

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

Evening Standard

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

Birmingham Post

NatWest set new limits on cryptocurrency trading

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

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