Bank Collapse: Security guards let individuals enter the Silicon Valley Bank’s headquarters in Santa Clara, California on March 13, 2023. | Photo Credit: Benjamin Fanjoy Silicon Valley Bank has gone belly-up as has the Signature Bank in the U.S. in the last few weeks. Another bank, First Republic, seems to be heading the same way. […]
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Traders work on the floor of the New York Stock Exchange in New York, on Wednesday, March 22, 2023. News on the Federal Reserve interest rate hike appears on a monitor in the background. | Photo Credit: AP The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated […]
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Banking mutual funds have lost up to 6% in the last week following the collapse of Silicon Valley Bank and Signature Bank that dented investors’ sentiment in the banking and financial services space. The failure of the two U.S.-based banks sent shockwaves across the global financial system and weakened the sentiments in the banking sector […]
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Customers and bystanders form a line outside a Silicon Valley Bank branch location, Monday, March 13, 2023, in Wellesley, Massachusetts. | Photo Credit: AP The parent of Silicon Valley Bank, seized last week by the U.S., is filing for Chapter 11 bankruptcy protection. SVB Financial Group, along with its CEO and its chief financial officer, […]
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The story so far: The collapse of the California-headquartered Silicon Valley Bank (SVB) in 40 hours the previous week caused panic in the global tech-based start-up ecosystem.The California Department of Financial Protection (DFPI) closed the bank and took possession of the private lender — citing inadequate liquidity and insolvency. It appointed the Federal Deposit Insurance […]
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The headquarters of Swiss bank Credit Suisse. | Photo Credit: AP Credit Suisse’s shares have soared 30% after it announced it will move to shore up its finances by borrowing up to nearly $54 billion from the Swiss Central Bank. It’s a massive swing on March 16 after its shares plunged 30% on the SIX […]
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Swiss bank Credit Suisse said on March 16 it will move to shore up its finances, borrowing up to $54 billion from the central bank after its shares plunged, dragging down other major European lenders in the wake of bank failures in the United States. Credit Suisse said it would exercise an option to borrow […]
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A currency trader watches computer monitors near the screens showing the foreign exchange rates at a foreign exchange dealing room in Seoul, South Korea, on March 15, 2023. | Photo Credit: AP Renewed unease gripped world markets on March 15 as news that Credit Suisse’s largest investor said it could not provide the Swiss bank […]
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The Bombay Stock Exchange (BSE) building in Mumbai. File | Photo Credit: The Hindu Falling for the third straight session, equity benchmark Sensex tanked nearly 900 points to close below the 59,000 mark on Monday due to a massive sell-off in banking, finance and auto stocks amid one of the biggest U.S. bank failures. Besides, […]
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SVB (Silicon Valley Bank) logo is seen through broken glass in this illustration taken March 10, 2023. Image for representation purpose only. | Photo Credit: Reuters HSBC said on March 13 it is acquiring the U.K. subsidiary of stricken Silicon Valley Bank for £1, rescuing a key lender for technology start-ups in Britain. “This acquisition […]
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