This tumultuous week began and ended the same: with Silicon Valley Bank still for sale. Only now, the lender’s former parent company, SVB Financial Group, has officially filed for bankruptcy. The Chapter 11 filing does not include SVB Securities and SVB Capital’s funds and general partner entities. “SVB Financial Group intends...
A lot of money is moving this week, but not in a good way. In the five days since last Wednesday (March 8), three US banks have failed partly because of customer runs on their deposit bases — two crypto-servicing institutions, Signature Bank and Silvergate Bank, and one historical...
Silicon Valley Bank has collapsed. The regulators have circled the wagons. The damage is contained. Maybe. Maybe just for a day, because who knows what comes next? As Friday’s stock market roller-coaster ride ended, no one could answer that question. The FDIC has done what it...
March 14, 2023
A lot of money is moving this week, but not in a good way. In the five days since last Wednesday (March 8), three US banks have failed partly because of customer runs on their deposit bases — two crypto-servicing institutions, Signature Bank and Silvergate Bank, and one historical pillar of the tech startup ecosystem, Silicon Valley Bank (SVB). Talking with […]
April 24, 2023
First Republic Bank expects to reduce its workforce by as much as 25% in the second quarter. In its first earnings report since experiencing a bank run and getting support from 11 banks in the form of $30 billion in deposits, the bank said in a Monday (April 24) press release that it is working […]
