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The Latest Breaking News from Silicon Valley

New CEO of failed Silicon Valley Bank was once fired from his Charlotte banking job

The new CEO of failed Silicon Valley Bank is a familiar name to many in Charlotte’s banking community — Tim Mayopoulos was fired as general counsel of Bank of America in 2008 in the midst of the financial crisis and escorted out of the office by an HR representative.

Tribune News Service

Collapse & chaos: SVB, Signature Bank failures spark global panic

Is America facing a banking crisis? As regulators try to stem the fallout from the collapse of Silicon Valley and Signature Banks, we look at the risks for the rest of the system. Kate Moody speaks to economist Nicolas Veron from the Peterson Institute for International Economics and the European…

France 24

Silicon Valley Bank flagged risks from remote work on performance in its latest annual report

Remote work “reduced productivity and/or significant disruptions in our business operations," SVB said in its 2023 annual report published last month.

Fortune

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Silicon Valley Bank: what really happened and what it means for London

Silicon Valley Bank almost collapsed this week until leading figures in the US and UK stepped in — but what is the bank and why did it create such panic? Rohan Silva reports

Evening Standard

The global banking system is on edge

So goes Silicon Valley, so goes the world.

Axios

SVB Collapse Dominates Discussions at Financial Sector Conference in Saudi Arabia

The collapse of the California-based Silicon Valley Bank (SVB) dominated most sessions and workshops of the Financial Sector Conference in Riyadh. The repercussions of SVB’s recent bankruptcy caused shock and confusion worldwide, especially for economies that fear that the crisis will spillover to their financial institutions. Saudi Minister of Finance…

Asharq Al-Awsat

‘The first Twitter-fuelled bank run’: how social media compounded SVB’s collapse

The speed at which Silicon Valley Bank collapsed has left experts questioning whether social media has opened up entirely new risks in the world of finance

The Guardian - AU

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The real victims of SVB aren't the tech elite: Hardworking business owners share their horror stories of the bank's collapse

The Silicon Valley Bank bailout was not about solving a “1% problem.”

Fortune

Bank runs used to be slow. The digital era sped them up

What made the failure of Silicon Valley Bank unique compared to past failures of large banks was how quickly it collapsed

The Independent UK

Millionaire makes 'creepy' $100,000 offer to woman sitting next to him on plane

Silicon Valley entrepreneur Steve Kirsch, who has been accused of spreading Covid misinformation online, boasted about the strange offer he made to a female passenger sitting near him

Daily Mirror

‘A huge disruption’: Startups worldwide gird for life after SVB

Quang Hoang, the co-founder of a startup called Birdly Inc., spent his Monday refreshing the website of Silicon Valley Bank every hour. His San Francisco-based mentoring startup had about $10 million deposited with the now-failed financial institution, patronized by a large portion of the country’s most promising tech companies. But…

Tribune News Service

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

Wineries to affordable housing: SVB fall knocks out more than startups

Demise of Silicon Valley Bank has rattled not just businesses and investors but the ecosystem that grew up around it

The Guardian - US

For 40 years, Silicon Valley Bank was a tech industry icon. It collapsed in just days

Silicon Valley Bank was not a household name. For four decades, SVB successfully competed with big name financial institutions only to come crumbling down in a matter of days.

WEKU

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Tribune News Service

Editorial: Silicon Valley Bank and Signature Bank collapses show regulation is needed

After Friday’s collapse of Silicon Valley Bank, big bankers are again looking to Washington with outstretched hands. We should be skeptical.

The Independent UK

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

Los Angeles Times

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.

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Tribune News Service

Silicon Valley Bank’s collapse undercuts key engine of Bay Area economy

The collapse of Silicon Valley Bank has stripped the Bay Area’s startup industry — a key driver of the region’s economy — of a crucial source of funding that for decades has fueled innovation and growth.

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

The Independent UK

Class action suit filed against Silicon Valley Bank parent

A class action lawsuit is being filed against the parent company of Silicon Valley Bank, its CEO and its chief financial officer, saying that company didn’t disclose the risks that future interest rate increases would have on its business

Reason

Ride-Share and Delivery Drivers Are Independent Contractors, Says Court

Plus: College says abortion art runs afoul of state law, the politics of Silicon Valley Bank's collapse, and more...

Salon

"Woke" billionaires, same as old ones

Ignore GOP hype about the "liberal" tech industry — reckless, entitled libertarianism is what fuels Silicon Valley

The Independent UK

Silicon Valley Bank's demise disrupts the disruptors in tech

Silicon Valley Bank’s collapse rattled the technology industry that had been the bank’s backbone, leaving shell-shocked entrepreneurs thankful for the government reprieve that saved their money while they mourned the loss of a place that served as a chummy club of innovation

Los Angeles Times

Biden says banking system is safe, promises accountability for Silicon Valley Bank failure

WASHINGTON — “This is not 2008”: That was the mantra of Biden administration officials Monday as they sought to reassure investors and the public that a regulatory takeover of two failed banks and rescue of their depositors, along with newly implemented safeguards, would be enough to avert a broader crisis…

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