Troubled Silicon Valley Bank acquired by First Citizens
March 27, 2023 GMTNEW YORK (AP) — First Citizens will acquire much of Silicon Valley Bank, the tech-focused financial institution that collapsed this month, setting off a chain reaction that caused a second bank to fail and tested faith in the global banking sector.
Bank failures and rescue test Yellen’s decades of experience
March 25, 2023 GMTWASHINGTON (AP) — Working against the clock to stop a developing banking crisis, Treasury Secretary Janet Yellen had until sunset on Sunday, March 12, to come up with a plan to calm the U.S.
First Republic Bank shares slide in volatile trading session
March 20, 2023 GMTShares of First Republic Bank fell another 47% Monday as investors remain uneasy about the bank's financial condition even after a group of the nation's largest financial institutions teamed up on a $30 billion rescue package.
Is my money safe? What you need to know about bank failures
March 20, 2023 GMTNEW YORK (AP) — Recent turmoil in the banking industry may have you worried about your money.
The recent collapses of Silicon Valley Bank and Signature Bank, which catered mostly to the tech industry, were the second- and third-biggest bank failures in U.S.
Bank failures: Anger in Congress, but division on what to do
March 18, 2023 GMTWASHINGTON (AP) — Bills were filed, hearings were planned and blame was cast as Congress reacted this past week to the abrupt failure of two banks.
Will Americans end up footing the bill for bank failures?
March 17, 2023 GMTWASHINGTON (AP) — The government's response to the failure of two large banks has already involved hundreds of billions of dollars. So will ordinary Americans end up paying for it, one way or another?
Biden calls for tougher penalties for execs of failed banks
March 17, 2023 GMTWASHINGTON (AP) — President Joe Biden on Friday called on Congress to allow regulators to impose tougher penalties on the executives of failed banks, including clawing back compensation and making it easier to bar them from working in the industry.
Big banks create $30B rescue package for First Republic
March 16, 2023 GMTNEW YORK (AP) — Eleven of the biggest U.S. banks Thursday announced a $30 billion rescue package for First Republic Bank in an effort to prevent it from becoming the third to fail in less than a week and head off a broader banking crisis.
Experts, banks look for ideas to stop next bank failure
March 16, 2023 GMTWASHINGTON (AP) — The warning signs were all there. Silicon Valley Bank was expanding at a breakneck pace and pursuing wildly risky investments in the bond market. The vast majority of its deposits were uninsured by the federal government, leaving its customers exposed to a crisis.
Bank runs used to be slow. The digital era sped them up
March 15, 2023 GMTNEW YORK (AP) — A bank run conjures images of “It’s a Wonderful Life,” with anxious customers crammed shoulder to shoulder, desperately pleading with a harried George Bailey to hand over their money.
How Washington came to rescue US banks
March 15, 2023 GMTWASHINGTON (AP) — After the sudden collapse of Silicon Valley Bank, California Democratic Rep.
Biden seeks to show stability in bid to avert banking chaos
March 14, 2023 GMTWASHINGTON (AP) — In 2016, Vice President Joe Biden warned against efforts to unravel banking regulations that Democrats had fought to implement following the nation’s financial crisis, just as the emerging Trump administration was determined to loosen those strict banking rules.
Signature Bank seized to send banks a message, director says
March 13, 2023 GMTA regulatory takeover of a New York-based bank was intended to send a message to U.S. banks to stay away from the cryptocurrency business, a former member of Congress who was on the bank’s board says.
After two historic US bank failures, here’s what comes next
March 13, 2023 GMTWASHINGTON (AP) — Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe.
Can the chaos from Silicon Valley Bank’s fall be contained?
March 12, 2023 GMTNEW YORK (AP) — Can Washington come to the rescue of the depositors of failed Silicon Valley Bank? Is it even politically possible?
That was one of the growing questions in Washington Sunday as policymakers tried to figure out whether the U.S.
One of Silicon Valley’s top banks fails; assets are seized
March 12, 2023 GMTNEW YORK (AP) — Regulators rushed Friday to seize the assets of one of Silicon Valley's top banks, marking the largest failure of a U.S. financial institution since the height of the financial crisis almost 15 years ago.
A major bank failed. Here’s why it’s not 2008 again
March 11, 2023 GMTNEW YORK (AP) — The financial institution best known for its relationships with high-flying world technology startups and venture capital, Silicon Valley Bank, experienced one of the oldest problems in banking — a bank run — which led to its failure on Friday.