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 […]
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 […]
Major US Banks Inject $30 Billion to Stabilize First Republic Bank
On Thursday, large U.S. banks infused $30 billion in deposits into First Republic Bank to stabilize the regional lender caught in a crisis following the collapse of two other mid-sized U.S. banks. The banking sector has been rocked since Silicon Valley Bank (SVB) collapsed last week due to significant bond-related losses triggered by last year’s […]
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 […]