Until early March, investors worldwide were expecting the US Federal Reserve to raise interest rates by a smaller quantum of 25 basis points this month as inflation cooled off for the 8th straight month in February. However, the collapse of two commercial banks – Silicon Valley Bank and Signature Bank – changed things overnight and … Read more
U.S officials are looking at ways to temporarily expand Federal Deposit Insurance Corp (FDIC) coverage to all deposits, Bloomberg News reported on Monday. U.S. Treasury Department staff are studying whether federal regulators have enough emergency authority to insure deposits above the current $250,000 cap on accounts without the consent of Congress, the report said, citing … Read more
Pacific Western Bank, a unit of PacWest Bankcorp, said on Friday it had witnessed ‘elevated’ withdrawals following the collapses of Silicon Valley Bank and Signature Bank, but deposit movements had stabilized since Monday. The Los Angeles-based bank gave no details on the sum of the withdrawals but said they were mainly from its venture banking … Read more
Crude oil futures have fallen over 10% on MCX since the Silicon Valley Bank (SVB) crisis was first reported on 9 March. On Thursday, March Crude Oil futures were trading in the green across expiries. Is it an opportunity to book profits? The 20 March crude oil futures were trading at Rs 5,627 per BBL, … Read more
The headquarters of Swiss bank Credit Suisse. | Photo Credit: AP Credit Suisse’s shares have soared 30% after it announced it will move to shore up its finances by borrowing up to nearly $54 billion from the Swiss Central Bank. It’s a massive swing on March 16 after its shares plunged 30% on the SIX … Read more
Silicon Valley Bank, (SVB), one of the most prominent banks in the US, proudly tweeted on March 7, 2023, that Forbes has awarded/recognised them as “one of the best banks in America”. However, just three days later, on March 10, 2023, SVB suffered a massive collapse, the brevity of which has been compared to the … Read more
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN — After Silicon Valley Bank and Signature Bank failed, the US government stepped in with … Read more
State regulators closed New York-based Signature Bank on Sunday, making it the third largest failure in U.S. banking history. Signature’s failure followed Silicon Valley Bank‘s Friday shutdown, the second largest in U.S. history behind Washington Mutual, which collapsed during the 2008 financial crisis. The Federal Deposit Insurance Corporation (FDIC) took control of Signature, which had … Read more
Washington: President Joe Biden on Sunday vowed to hold “fully accountable” the people responsible for the failure of Silicon Valley Bank and a second financial institution, Signature Bank, as he sought to reassure Americans their deposits are safe. “I am firmly committed to holding those responsible for this mess fully accountable and to continuing our … Read more
File photo of Britain’s Prime Minister Rishi Sunak. Mr. Sunak on March 12, 2023, said the government is working towards safeguarding customers in the aftermath of the Silicon Valley Bank collapse. | Photo Credit: Reuters British Prime Minister Rishi Sunak said on March 12 he recognised the “anxiety” over the collapse of Silicon Valley Bank … Read more