US Fed raised concerns about SVB at least four years before collapse
In January 2019, the Fed issued a warning known as a 'Matter Requiring Attention', a citation a step-down from an enforcement action, about SVB's risk-management systems, The Wall Street Journal reported, citing documents from a presentation circulated last year to employees of SVB's venture-capital arm.
First Citizens considering to buy collapsed SVB: Report
According to Bloomberg News, citing sources, at least one other suitor is making a serious consideration for the collapsed bank and that could be First Citizens. Although nothing could be confirmed at the moment. SVB and First Citizens did not immediately respond to the report. This will be the US FDIC's second attempt.
Tough week ahead for markets; US FED meeting holds the key
The BSESENSEX lost on three of the five trading sessions and gained on the remaining two. The losses were on the first three days of the week followed by recovery. BSESENSEX lost 1,145.23 points or 1.94 per cent while NIFTY lost 312.85 points or 1.80 per cent to close at 17,100.05 points. The broader indices saw.
US banks launch $30bn rescue of First Republic to stem crisis
Bank of America, Goldman Sachs, JP Morgan and others will deposit $30 billion in First Republic, which has seen customers yank their money following the collapse of Silicon Valley Bank (SVB) and fears that First Republic could be next, the Guardian reported. The actions of America's largest banks reflect their confidence in the.
Troubled bank Credit Suisse to borrow up to $54bn from Swiss central bank
The lender said it was taking decisive action to strengthen its liquidity as it looked to become a simpler bank, the BBC reported. Shares in Credit Suisse fell 24 per cent on Wednesday after it said it had found "weakness" in its financial reporting. This prompted a general sell off on European markets, and fears of a wider financial crisis. Credit Suisse said its borrowing measures demonstrated "decisive action to strengthen (the bank)".
Indian startups able to withdraw up to $300mn from SVB: Report
The Financial Express reported, citing sources, that homegrown startups have processed fund transfers "worth $250-300 million in the past 24 hours". Industry players said that for funds transfer, firms need to first open new business bank accounts in the US as SVB still hasn't resumed direct foreign transfers.
Bring back you money, new Silicon Valley Bank CEO urges depositors
In a Zoom meeting with select investors and limited partners (LPs), he also asked for new deposits, saying that both existing and new deposits will be protected by the Federal Deposit Insurance Corporation (FDIC), reports TechCrunch. There's no safer place in the United States, or any bank in the United States for deposits.