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The Latest Breaking News from SVB

With the collapse of SVB, venture debt is drying up

An important source of funding for startups is harder to come by, and while private loans are an alternative they’re much more expensive.

Fortune

JPMorgan’s newest board member is thinking about risk

Alicia Boler Davis, who has held senior leadership roles at Amazon and GM, explains why she was drawn to the banking giant and what’s on her mind as she takes up the new role.

Fortune

Bank bosses are hiding $600 billion in unrealized losses to keep their mega bonuses. Here’s why portfolio securities should be marked to market

It's time for regulators to require that all securities be marked to market and reflected in banks' income, without resorting to clumsy exceptions.

Fortune

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Warren Buffett slams failed banks for doing ‘dumb things’ but says ‘depositors will be safe no matter what’

Buffett blamed failed-bank executives for causing instability in the financial sector Wednesday, but said with regulators’ backing, “banks can go bust” and “depositors aren’t going to be hurt.”

Fortune

Weeks after his ‘big failure’ losing almost $2 billion on SVB, Sweden’s top pension fund chief sacked ‘with immediate effect’

Magnus Billing urged Alecta to “take actions based upon the lessons learned.” The action was his dismissal.

Fortune

The strange case of SVB Capital

Hundreds of pages of bankruptcy filings reviewed by Term Sheet outline the bizarre limbo the VC unit finds itself in.

Fortune

Leaders lost their discipline. Now employees are paying the price.

Business leaders are changing tactics as the consequences of our abnormal pandemic behavior finally hit home.

Fortune

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JPMorgan Chase CEO Jamie Dimon says we are ‘near the end’ of the banking crisis

“I think we’re getting near the end of this particular crisis,” Dimon told CNN Thursday—but he still worries about the potential for a U.S. recession.

Fortune

The Week Ahead: Watching for the balancing act by big banks

There are banks and then there are systemically important banks. These banks are too-big-to fail. They are required to maintain certain financial buffers to protect depositors from fast moving markets, concentrated bank investments and guard against putting the broader financial system at risk.

Miami Herald

Raghuram Rajan says banking system is headed for more trouble

Raghuram Rajan — the former International Monetary Fund chief economist who predicted the global financial crisis more than a decade ago — warned that the banking system is headed for more turmoil after the rescues of Silicon Valley Bank and Credit Suisse.

The Times of India

6 takeaways from JPMorgan Chase CEO Jamie Dimon’s annual letter to shareholders

Jamie Dimon wrote about the Fed's role in SVB's meltdown, A.I. improving efficiency in banking, seeing Apple and Walmart as competitors, and more.

Fortune

Financial turmoil will be felt for years, says JP Morgan boss

Jamie Dimon says downfalls of Silicon Valley Bank and Credit Suisse have undermined confidence

The Guardian - UK

Jamie Dimon says the banking crisis was ‘hiding in plain sight’ and will now be felt 'for years to come’

The JPMorgan Chase CEO also outlined his thoughts on a potential recession in his annual shareholder letter this week, and discussed consumers’ fading savings.

Fortune

Jamie Dimon urges policymakers to avoid 'knee-jerk, whack-a-mole' regulations in aftermath of SVB collapse

The J.P. Morgan CEO warned any new ill-advised oversight rules could actually backfire, with unsupervised tech companies like Apple winning out.

Fortune

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Evening Standard

OPINION - The SVB affair was a near-miss for UK tech: what do we know now?

How big a role should heritage banks play in the ultra-modern tech finance world?

Fortune

The banking crisis has a silver lining. Businesses might actually start protecting their cash

Humans are naturally quite bad at projecting risk. We rarely think about what might happen if there is a sudden ban run and our deposits are in peril.

Salon

MAGA rule will be ruinous for earth

MAGA seems intent on driving this country and our world all too literally to hell in a handbasket

Birmingham Post

Are the banks really in trouble?

'Let’s remember the USA isn’t Europe. They have a two-tier banking system and SVB is just a regional bank.'

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Bangkok Post

Rebalance your portfolio

Investors have been keeping an eye on assets offering a decent return this year amid global market volatility and an economic slowdown.

Zenger

Mercury Takes Aim At Replacing Silicon Valley Bank As Tech Hubs Go-To Bank And Lender

Silicon Valley Bank’s collapse has paved the way for other banking institutions to step up and meet demand for venture debt

Fortune

From stability to consolidation to the big crunch, here are the 3 questions every small business owner is asking about the banking system

The bank crisis could spark a credit crunch that will rock the economy. It'll be a major test for small businesses.

Los Angeles Times

Michael Hiltzik: How Trump's frenzy of deregulation killed Silicon Valley Bank

Late in 2018, two Trump-appointed banking regulators, Federal Reserve Vice Chair Randal Quarles and FDIC Chair Jelena McWilliams, went on a nationwide tour to meet with regional bank examiners.

Fortune

A top strategist says ‘massive unrealized losses’ are a ‘Pandora’s box’ for banks and it’s going to impact lending

Bank volatility has finally started to calm down, but the sector has underlying issues that will be harder to fix.

Miami Herald

The Week Ahead: What difference will a month with two bank failures make for jobs?

Thirty days ago, few Americans knew what Silicon Valley Bank was or worried about their own bank accounts. Thirty days ago, the Federal Reserve had one fight on its hands: inflation. Thirty days ago, investors were buoyed by decent economic data — but not too strong — supporting confidence the…

Fortune

FDIC chair Gruenberg gets heat from lawmakers over bargain basement SVB deal

Shares in regional lender First Citizens skyrocketed this week after scooping up SVB on the cheap, prompting questions from Congress whether the FDIC negotiated a poor deal that will now cost banks $20 billion.

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