The Latest Breaking News from SVB

It’s up to bank CEOs to convince clients that their money is safe.

WASHINGTON — A bipartisan group of senators released draft legislation Wednesday that would claw back executive pay in the five years leading up to a bank’s failure, following President Joe Biden’s call on Congress to take action.

Four senators from both parties released a draft bill to claw back executive compensation in the five years leading up to a bank failure.

Jason Lee's last startup was DailyPay, which raised over $1 billion, including $175 million in equity capital and the remainder in a revolving credit facility and a term loan. (SVB Capital, the venture capital and credit investment arm of SVB Financial Group, provided a small portion of the DailyPay term…

What was the No. 2 Swiss bank was acquired on March 19 for the modest sum of $3.24 billion by its rival and peer UBS.

The failure of Silicon Valley Bank on March 10, 2023, came as a shock to most Americans. Even people like myself, a scholar of the U.S. banking system who has worked at the Federal Reserve, didn’t expect SVB’s collapse.

Amid all the finger-pointing, Senators and speakers said more monitoring was needed in the banking sector.

El-Erian warned “fallout” from recent banking stress is adding to pressure on the economy.

A focus on FDIC insurance and Treasury-only money market or bond fund options can help safeguard investments when a banking crisis threatens.