Tag: SIVB
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Silicon Valley Bank’s former parent company says FDIC seized about $2 billion in cash
Silicon Valley Bank’s former parent company cannot access about $2 billion it deposited with the bankrupt bank after regulators froze the company’s accounts and are investigating whether it should bear costs related to the bank’s bankruptcy . Lawyers for SVB Financial Group, the holding company that formerly controlled the now-defunct bank, alleged Tuesday at the […]
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JPMorgan CEO Jamie Dimon leads efforts to create new First Republic Bank Rescue Plan
Discussions, while tentative, focused on how the industry could arrange an investment that would bolster the bank’s capital, according to people familiar with the matter. One of the options on the table, people said, is an investment in First Republic by the banks themselves. Eleven major banks joined forces last week to deposit $30 billion […]
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From the sudden collapse of the SVB to the consequences of Credit Suisse: 8 charts show turbulence in the financial markets
A tumultuous week in US financial markets ended on an uncertain note Friday after a massive $30 billion injection of large bank deposits into First Republic Bank failed to appease investors. Last week, the sudden collapse of three US banks – Silvergate Capital, Signature Bank SBNY and Silicon Valley Bank – concerns about weakness in […]
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SVB Financial Files for Chapter 11 Bankruptcy Protection
Silicon Valley Bank’s parent company filed for bankruptcy, facilitating the sale of its remaining assets after the technology-focused bank at its core was seized by federal regulators. SVB Financial Group filed for Chapter 11 protection in New York bankruptcy court on Friday, the largest bankruptcy filing due to a bank failure since Washington Mutual Inc. […]
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Fed considers stricter rules for medium-sized banks after SVB, signing errors
WASHINGTON — The Federal Reserve is reconsidering some of its own rules regarding medium-sized banks following the collapse of two lenders, potentially expanding restrictions that currently only apply to the largest Wall Street firms. A series of tighter capital and liquidity requirements are being reviewed, as are steps to bolster annual “stress tests” that assess […]
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Department of Justice, SEC investigates Silicon Valley Bank collapse
WASHINGTON — The Justice Department and the Securities and Exchange Commission are investigating the collapse of Silicon Valley Bank, according to people familiar with the matter, after the California lender was taken over by regulators last week amid a historic run on its deposits. The individual probes are in the preliminary phase and should not […]
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Biden says the banking system is safe after the Silicon Valley bank collapse
WASHINGTON — President Biden said on Monday that the banking system is safe while emphasizing steps have been taken to mitigate the fallout from the Silicon Valley Bank collapse and bolster confidence in the financial system, as some lawmakers called for a reexamination of the rules for medium-sized banks. “The swift action of my administration […]
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FDIC transfers all deposits from Silicon Valley Bank to the newly established bridge bank
The Federal Deposit Insurance Corp. said Monday it transferred all deposits, both insured and uninsured, from the former Silicon Valley Bank to a newly created full-service FDIC-managed bridge bank in a move that aims to protect all of the bank’s depositors. The move comes after the regulator closed the bank and its 13 branches on […]