Central Banks Intervene After UBS Agrees to Buy Credit Suisse in Historic Deal
Major central banks around the world acted on Sunday to prevent a banking crisis from spreading, following Swiss authorities’ success in persuading UBS Group AG to buy its rival Credit Suisse Group AG in a landmark deal. UBS will acquire the 167-year-old Credit Suisse for 3 billion Swiss francs ($3.23 billion) and take on up […]
Silicon Valley Bank Employees Offered 45 Days of Work at 1.5 Times Salary
Following the collapse of Silicon Valley Bank (SVB), the Federal Deposit Insurance Corp (FDIC) has offered employees 45 days of employment at 1.5 times their regular pay. The FDIC, which took control of SVB on Friday, communicated this offer to staff via an email titled “Employee Retention,” according to information obtained by Reuters. Employees will […]