Biden Pledges ‘Whatever Needed’ to Support U.S. Banking System
Global bank stocks plummeted on Monday as President Joe Biden promised decisive action to stabilize the U.S. banking system after the unexpected collapses of Silicon Valley Bank (SVB) and Signature Bank. Despite emergency measures allowing banks access to additional funding, investor concerns about potential ripple effects continued to impact markets worldwide. The White House stated […]
Regulators Shut Down New York’s Signature Bank
New York-based Signature Bank was closed by state regulators on Sunday, just two days after the collapse of Silicon Valley Bank, triggering concerns across global markets and leaving billions of dollars in deposits at risk. In a joint statement, the U.S. Treasury Department and other banking regulators assured that all depositors of Signature Bank would […]
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 […]
The Collapse of Silicon Valley Bank
On March 10, 2023, Silicon Valley Bank (SVB) collapsed following a rapid bank run, making it the third-largest bank failure in U.S. history. The SVB failure was part of a broader banking crisis in March 2023, alongside the failures of Silvergate Bank and Signature Bank. SVB’s troubles began when the bank invested heavily in long-term […]
