SVB’s failure on March 10 caused shock waves throughout the banking sector Washington: The US Federal Reserve called for greater banking oversight while admitting to its own failures in a widely-anticipated report published Friday into the collapse of Silicon Valley Bank (SVB) last month. “Following Silicon Valley Bank’s failure, weRead More →
With higher interest income offset weakness in dealmaking, JPMorgan Chase & Co’s on 14 April said tha first-quarter profit has beaten Wall Street estimates. It added that the biggest US lender remained resilient through the banking crisis in March. The lender’s shares jumped 6% as its performance underscored how bigRead More →
The report says that SVB wasn’t the worst capitalized bank (Representational) After the collapse of the Silicon Valley Bank, a new study has found that 186 US banks are at the risk of meeting a similar fate. The major reasons for this are rising interest rates and high proportion ofRead More →
US and European stocks rose in choppy trade on Monday as investors digested the Credit Suisse-UBS deal. UBS Group AG on Sunday announced that it has agreed to buy Credit Suisse Group AG for 3 billion Swiss francs in a Swiss government-brokered deal aimed at containing the global banking crisis. The S&P 500Read More →
Greg Becker, ex-CEO of the crisis-hit Silicon Valley Bank. Silicon Valley Bank, which catered to the tech industry for three decades, collapsed on March 10, 2023, leaving depositors scrambling for their money. Amid the financial chaos triggered by the bank’s collapse, the company’s ex-CEO was spotted in Hawaii, reported New York Post. As perRead More →
Silicon Valley Bank was closed by US regulators last week. New Delhi: The collapse of Silicon Valley Bank and Signature Bank within a week has stoked fears of a larger financial meltdown across regional US banks. The failures are two of the three biggest in US banking history, with theRead More →
Bitcoin climbed to $26,000 for the first time since June on growing optimism that the digital-asset sector will weather the recent turmoil in the US financial system. The largest cryptocurrency gained for a fourth day, increase as much as 7.9% to $26,142. It last traded above $26,000 in June. ItRead More →
President Joe Biden promised a “full accounting of what happened”. (Representational) New York: With hindsight, there were warning signs ahead of last week’s spectacular collapse of Silicon Valley Bank (SVB), missed not only by investors, but by bank regulators. Just why the oversight failed remained a hot question among bankingRead More →
What KPMG knew about the two banks’ financial situation and what it missed will likely be the subject of regulatory scrutiny and lawsuits. KPMG signed the audit report for Silicon Valley Bank’s parent, SVB Financial Group, on Feb. 24. Regulators seized the bank on March 10 after a surge ofRead More →
Days after the US-based Silicon Valley Bank’s collapse, its effect continued over other financial firm in the stock market, as First Republic Bank shares fell a record 67% at the open despite a statement from the bank late Sunday that it had more than $70 billion in unused liquidity toRead More →
