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The Latest Breaking News from Silicon Valley Bank

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

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

First Citizens to acquire collapsed Silicon Valley Bank

New York (AFP) - First Citizens Bank will acquire significant holdings of fallen lender Silicon Valley Bank, a US banking agency announced late Sunday, as regulators seek to contain an industry crisis.

AFP

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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

AP News Digest 3 a.m.

Here are the AP’s latest coverage plans, top stories and promotable content. All times EDT. For up-to-the minute information on AP’s coverage, visit Coverage Plan.

The Independent UK

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FTSE 100 Live: FTSE closes up 0.9%, SVB deal allays banking fears, Binance CEO sued by US watchdog

Pressure on banking shares eased yesterday, after First Citizens’ deal to rescue Silicon Valley Bank. Shares in top lenders across the globe rose, with the FTSE up 0.9%.

Evening Standard

FDIC: First Citizens Bank to acquire Silicon Valley Bank

The Federal Deposit Insurance Corp. says it has agreed on the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co. The sale involves the sale of all deposits and loans of SVB to First-Citizens

The Independent UK

First Citizens agrees to buy Silicon Valley Bank

This is a step toward stabilizing America's regional banking sector, after a month of tumult.

Axios

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.

Bangkok Post

How can we maximize woke's potential while minimizing the culture war's divisiveness?

The recent collapse of Silicon Valley Bank (SVB) and other major banks has raised fears about a potential 2008-style banking crisis. While this seems unlikely, like so many events these days, SVB’s failure has also been caught in the sticky rhetorical web of the culture war.

The Conversation

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

The Guardian - US

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

Zenger

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The Street

Banking Crisis: Small Banks Hit by Massive Cash Withdrawals

Americans have withdrawn nearly $120 billion in deposits from U.S. small banks in the week marked by the collapse of Silicon Valley Bank.

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.

ABC News

Another major international bank shows first signs of financial distress

With global financial markets changing in an instant, several major banks have felt its wrath so far. Friday night, Germany's Deutsche Bank was in the firing line.

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ABC News

Failing banks and mass layoffs: Is the 15-year tech boom finally over? What went wrong?

The 15-year tech boom has ended with rounds of mass layoffs and a recent series of high-profile bank collapses. So what went wrong and will Silicon Valley ever be the same?

Fortune

'We view this as an irrational market,' Citigroup analysts worry that major bank stocks like Deutsche Bank are cratering for psychological reasons

Citi really fears the "knock-on impact from various media headlines on depositors psychologically," regardless of whether the initial reasoning was correct.

Fortune

A legal scholar says the Dodd-Frank act put in place after the Great Recession proved to be useless amid SVB's collapse

“Dodd-Frank is still on the books, but its...as good as dead. What good does it do to have a massive set of regulations...if they aren't enforced?” Adam Levitin, a Georgetown University law professor wrote Thursday.

Fortune

Apps, crypto, and even Starbucks cards: Deposit fragmentation has been on a decade-long mission to bring down banking–and it’s not done yet

Even retail apps like Starbucks, Chick-fil-A, online gaming apps, and many others are siphoning funds away from traditional banks.

Barchart

Gold Surges to $2,000; Will the Rally Continue?

Gold prices have surged at an exceptional pace in the last month and the yellow metal is trading near all-time highs in March 2023. Will gold prices breach record levels in the next 12 months?

Tribune News Service

Volcker slayed inflation. Bernanke saved the banks. Can Powell do both?

History remembers Paul Volcker as the slayer of inflation, and Ben Bernanke as the crisis firefighter. Jerome Powell is in danger of having to play both roles at once — or, what may be worse, to choose between them.

The Independent UK

Deutsche Bank shares drop amid global jitters over banks

Shares in Deutsche Bank, Germany’s largest lender, have fallen sharply and dragged down major European banks as fears about weaknesses in the global financial system send fresh shudders through the markets

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