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The Latest Breaking News on Financial Services

Small businesses weigh banking options amid bank turmoil

The recent banking turmoil has been a jolt for small businesses of all stripes, spurring many to scrutinize their banking services and mull whether or not they should make changes

The Independent UK

"Badwill" hunting: The difference between the bank failures of 2008 and today

The difference between the bank failures of 2008 and today.

Axios

Silicon Valley Bank collapse was fastest since Barings in 1995, Bank of England governor says

Andrew Bailey says economy is in ‘period of very heightened tension and alertness’

The Independent UK

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Bank of England ‘vigilant’ in wake of Silicon Valley Bank collapse, says Bailey

Governor tells MPs market turmoil has ‘tested’ banking sector for signs of weaknesses but denies fresh crisis is looming

The Guardian - UK

How Lightware Solutions Empower Seamless Connectivity for Alaska Bank

Lightware's zero-latency MMX HDMI Matrix Switcher and Cisco solutions help solve many challenges for videoconferencing.

AVNetwork

Bank of England chief: HSBC was only reasonable bidder for Silicon Valley Bank UK

Other prospective bidders, Andrew Bailey said, either never submitted a firm offer or attached terms the Bank couldn’t agree to

Evening Standard

Asian shares mostly rise on relief over US bank strength

Asian shares are higher as investors got some relief from worries over troubled U.S. lenders with a planned takeover of failed Silicon Valley Bank

The Independent UK

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Fed official: SVB itself was main cause of bank's failure

The nation’s top financial regulator is asserting that Silicon Valley Bank’s own management was largely to blame for the bank’s failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse

The Independent UK

BKI allocates B1bn to buy local shares

SET-listed Bangkok Insurance (BKI) has set aside 1 billion baht for its investment in Thai shares this year, with a focus on banking stocks that are projected to yield higher returns than last year as interest rates rise, says chairman Chai Sophonpanich.

Bangkok Post

Australian banks are boring, scrutinised … and safe, says APRA boss

In his first public speech, the chair of bank, insurance and super regulator APRA moves to reassure Australians that our banks are safe amid the recent turmoil on global financial markets.

ABC News

Local banks ‘well-positioned’ to resist overseas storm

Australia's financial system is in a strong position to withstand a banking crisis overseas, say the financial services minister and banking association chief.

The New Daily

News briefs

Lawmakers open to Biden’s call to claw back SVB executive pay

Tribune News Service

Local banks 'well positioned' to resist overseas storm

Australia's financial system is in a strong position to withstand a banking crisis overseas, say the financial services minister and banking regulators.

AAP

BBL outstrips credit card spending target for 2 months

Bangkok Bank (BBL) has surpassed its credit card spending target for the first two months of 2023, driven by the recovery of Thailand's economy and tourism sector.

Bangkok Post

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Tribune News Service

FDIC grants First Citizens rare credit line for SVB

First Citizens BancShares Inc.’s acquisition of Silicon Valley Bank came with an unusual provision: a $70 billion line of credit, courtesy of the Federal Deposit Insurance Corp.

ABC News

ASX follows global gains; restaurants, cafes and bars most at risk from consumer 'recession' — as it happened

The local share market rises strongly. Retail sales slow, raising questions about the Reserve Bank's next move. Here's how it unfolded on the ABC News markets blog.

Kiplinger

Stock Market Today: Stocks Finish Mostly Higher After First Citizens Buys SVB Assets

The Nasdaq closed lower, though, as mega-cap tech stocks declined.

Manchester Evening News

Mayor and council leader welcome US ambassador to Manchester

The ambassador's visit come just weeks after the Mayor and Council leader visited America themselves.

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The Independent UK

Fed official: Regulators will ensure all deposits are 'safe'

The nation’s top financial regulator pledged that the Federal Reserve and other agencies will take whatever steps they deem necessary to protect depositors and the banking system two weeks after two large bank collapses triggered financial turmoil in the United States and Europe

Axios

Top Fed official: Silicon Valley Bank was "textbook case of mismanagement"

A congressional hearing on Silicon Valley Bank’s failure will begin on Tuesday.

Tribune News Service

Lawmakers open to Biden’s call to claw back SVB executive pay

WASHINGTON — President Joe Biden’s call for legislation that would allow regulators to claw back executive bonuses and stock sale proceeds in the lead up to the Silicon Valley Bank collapse has found a receptive audience on Capitol Hill.

Chicago Sun-Times

Bank of America becomes new Boston Marathon sponsor

The bank has sponsored the Chicago Marathon for the last decade. Unlike that race, which is officially named the Bank of America Chicago Marathon, the Boston Marathon will keep its name, with the “presented by Bank of America” tagline.

Caixin Global

Editorial: Lessons From the Collapse of Silicon Valley Bank

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

McClatchy Washington Bureau

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?

Tribune News Service

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.

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