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The Latest Breaking News on Financial Services

Midsize US banks ask FDIC to insure deposits for two years

A coalition of midsize U.S. banks asked federal regulators to extend FDIC insurance to all deposits for the next two years, arguing the guarantee is needed to avoid a wider run on the banks.

Tribune News Service

Millions paid in bonuses to UK Silicon Valley Bank staff days after £1 rescue

Workers reported to have received payouts from ‘modest’ pool of £15m-£20m following takeover deal by HSBC

The Guardian - UK

Bank runs, bailouts, rescues: are the ghosts of 2008 rising again?

The travails of Credit Suisse and others have stirred up bad memories for a public still scarred by the financial crisis

The Guardian - UK

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The SVB debacle has exposed the hypocrisy of Silicon Valley

US tech innovators have a culture of regarding government as an innovation-blocking nuisance. But when Silicon Valley Bank collapsed, investors screamed for state protection

The Guardian - UK

Bank failures: Anger in Congress, but division on what to do

Congress is trying to figure out how best to respond to the abrupt failure of two U.S. banks

The Independent UK

Pensioner victim of romance scam shock at £150,000 bank refund

James’ son Adam was horrified when he was at first told his father wasn’t eligible for compensation

The Independent UK

It's unclear if central banks can contain the international banking crisis, analysts warn

Analysts say the worldwide banking system is facing a crisis of confidence, with the international banking sector entering an uncertain period in the coming days.

ABC News

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Volatility may ease but risk remains

The Stock Exchange of Thailand experienced its most volatile week of the year, with gains and losses of more than 40-50 points, as did global bourses as a bank run led to the collapse of Silicon Valley Bank (SVB) and eroded confidence in US lenders.

Bangkok Post

SET rides Asian rebound as bank worries ease

RECAP: Asian equities advanced yesterday after a rescue package for First Republic Bank fuelled a rebound in US shares. Even so, the MSCI gauge of Asian shares recorded a second weekly loss after the recent turbulence in the global banking sector.

Bangkok Post

The collapse of major US banks leads to bills calling for more regulation

When Silicon Valley and Signature banks failed in early March 2023, government regulators rushed in to guarantee deposits and protect bank customers. Under current banking regulations, though, there was no obligation for the government to step in.

The Conversation

Biden seeks FDIC authority to claw back bankers’ compensation

WASHINGTON — President Joe Biden on Friday urged Congress to pass legislation that would give the Federal Deposit Insurance Corporation authority to “claw back” executive pay at failed banks and to bar the executives from jobs in the banking industry.

Tribune News Service

SVB collapse reveals regulatory failure

It's a familiar cycle: Boom, bust, then bailout. Now everyone is wondering where the financial regulators were

Salon

Will the collapse of two US banks be followed by more? These banking veterans say no, for now

The sudden collapse of two U.S. banks last week left many people wondering about the safety of their own deposits, the health of the banking system and consequences down the road.

Tribune News Service

Biden urges ‘accountability’ for executives of failed banks

US president calls on Congress to impose tougher penalties on senior officials of banks that fail due to mismanagement.

Al Jazeera

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The Guardian - UK

Credit Suisse shares continue to fall despite efforts to calm nerves

Lifelines handed to Swiss bank and US regional bank First Republic fail to ease investor concerns

StockNews.com

1 ETF to Buy in 2023 and 1 to Avoid Like the Plague

The stock market might remain volatile as the recent high-profile bank failures, and the persistent rate hikes are raising the possibility of a recession. While investors looking to invest in ETFs could consider buying Vanguard S&P 500 ETF (VOO) in 2023, fundamentally weak ARK Innovation ETF (ARKK) could be best…

StockNews.com

Banking Turmoil Makes for Turbulent Markets

At the end of last week's issue, I told everyone to buckle up for the boom. I wasn't expecting one of the global systemically important banks (G-SIBs) to wind up on the chopping block. And Friday is a rare market event that is known for its wild price swings. So…

The Guardian - US

Why did the $212bn tech-lender Silicon Valley bank abruptly collapse?

Was it the result of Trump-era regulation rollbacks, risk mismanagement at the bank, sharp interest rate rises – or a combination of all three?

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Bangkok Post

Western stocks slide as bank fears return

LONDON: US and European stock markets fell on Friday as fears over the health of the banking system festered despite the latest efforts to shore up troubled lenders and tamp down contagion risks.

The Independent UK

Near 'cliff's edge,' Credit Suisse not seen as systemic risk

Longtime troubles at Credit Suisse have come to a head this week with a record stock plunge that spread fears of a banking crisis jumping from the U.S. to Europe

Tribune News Service

The Fed was too late on SVB even though it saw problem after problem

Just over a year before Silicon Valley Bank’s collapse threatened a generation of technology startups and their backers, the Federal Reserve Bank of San Francisco appointed a more senior team of examiners to assess the firm. They started calling out problem after problem.

Tribune News Service

SVB Financial goes bankrupt, buying time to repay creditors

Silicon Valley Bank’s former parent company filed for bankruptcy a week after a run on deposits prompted regulators to seize its banking unit.

StockNews.com

3 Stocks You'll Thank Yourself Later for Buying in 2023

High-profile bank failures have exacerbated fresh volatility in the stock market. The central bank stands at policy crossroads, weighing recent strong economic data against jittery capital markets. Amid an uncertain market backdrop, it could be wise to invest in fundamentally sound stocks Honda (HMC), Ryerson (RYI), and AutoNation (AN) for…

The Guardian - UK

What is happening in financial markets and could there be a global crisis?

Banking system is reeling from a series of shocks but is in better shape than at time of 2008 crash

The Independent UK

Silicon Valley Bank’s parent company files for bankruptcy following sudden collapse

SVB Financial Group is filing for Chapter 11 bankruptcy protection

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