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The Latest Breaking News on Financial Services

Editorial: Lessons From the Collapse of Silicon Valley Bank

By taking every crisis suffered by others seriously, we can minimize our own crises

Caixin Global

Will US consumers have to bail out struggling banks?

WASHINGTON — Could taxpayers wind up bailing out wealthy customers at banks such as Silicon Valley Bank, Signature Bank and others that are struggling?

McClatchy Washington Bureau

First Citizens Bank will buy Silicon Valley Bank

RALEIGH, N.C. — Raleigh’s First Citizens Bank is buying most of Silicon Valley Bank, the tech-focused financial institution which collapsed earlier this month.

Tribune News Service

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Saudi National Bank chair resigns after Credit Suisse comments

Ammar Al Khudairy’s remarks about Swiss lender spurred investor panic that led to emergency takeover

The Guardian - UK

Money's moving out of the banking system

Where is it landing?

Axios

Barclays to close 14 more branches across England and Wales - full list

Locations will shut down across England and Wales as the bank announces a new scheme to meet customer needs

Manchester Evening News

Family run US bank rescues tech lender Silicon Valley Bank

FAILED tech lender Silicon Valley Bank was taken over today by First Citizens in a deal that will cost about $20 billion but offered hope that the crisis of confidence in the global banking system could be easing.

Evening Standard

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The FDIC says First Citizens Bank will acquire Silicon Valley Bank

First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world.

WEKU

Silicon Valley Bank: most of failed lender bought by First Citizens

Collapse of tech sector lender will cost about $20bn in deposit insurance payouts, say US regulators

The Guardian - UK

Markets rally despite banking fears; UK retailers turn optimistic after bleak winter – as it happened

Shares in First Citizens Bank surge 45% as it agrees to buy much of Silicon Valley Bank, while Saudi National Bank’s Ammar Alkhudairy resigns

The Guardian - UK

Banking sector sees boost as First Citizens acquires failed SVB

SVB’s purchase gives markets some respite amid growing concerns over financial health of global banking system.

Al Jazeera

Barclays bank to close more branches across UK - full list

This is the second list of branches earmarked for closure in a matter of weeks

Wales Online

First Citizens buys Silicon Valley Bank

NEW YORK: First Citizens BancShares Inc agreed to buy Silicon Valley Bank which was seized by regulators following a run on the lender.

The Times of India

Australian banks urge Albanese government to ban use of credit cards for online gambling

‘Why should it be possible to do something in the virtual world that is prohibited in the real world?,’ Anna Bligh says

The Guardian - AU

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Wales Online

UK Treasury takes back £150m from the Welsh Government because it hadn't spent it quickly enough

Welsh ministers had wanted to use the money to cover infrastructure spending and are furious at Westminster's actions

Bangkok Post

Thailand unscathed by Western banking turmoil

Most economists from the public and private sectors expect the ongoing US and European banking crisis to have a limited effect on the Thai banking sector thanks to the solid fundamentals of local banks and the strong supervision of the Bank of Thailand.

The Guardian - UK

IMF chief warns global financial stability at risk from banking turmoil

Kristalina Georgieva joins others in voicing fears about threat to world economy after recent bank collapses

Liverpool Echo

Security guard who's watched over iconic building for decades

The space is currently being transformed for commercial use

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The Guardian - UK

It may not be 2008 all over again – but this banking turmoil is not without danger

New approach is needed to get UK through looming credit crunch after failure of recovery from crash

The Guardian - US

Consider yourself lucky if your small business worked with Silicon Valley Bank

Yes, there were some scary moments, it was poorly regulated and your bank failed to protect your money – but you got it back

Zenger

Janet Yellen’s Comments Fail To Calm Investors As First Republic Stock Remains Volatile

Growing concerns about the safety of bank deposits have prompted investors to approach community and regional banks with caution

Leeds Live

Leeds Barclays bank sprayed with orange paint in big Just Stop Oil protest

A Leeds bank has been sprayed with orange paint by protestors

The Times of India

Joe Biden: US banks are in good shape, turmoil will ease

OTTAWA: President Joe Biden said he was confident US regional banks were in good shape and didn’t forsee any major crises on the horizon, downplaying Wall Street angst and lingering fears of broader financial turmoil.

The Independent UK

Bank failures and rescue test Yellen's decades of experience

Treasury Secretary Janet Yellen worked against the clock with other regulators, lawmakers and business leaders to come up with a plan that would prevent a full blown banking crisis

Tribune News Service

Silicon Valley Bank failure unites Democrats and Republicans in fundraising

WASHINGTON — The collapse of Silicon Valley Bank has united deeply divided lawmakers toward a singular goal: raising money off the news.

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