The Silicon Valley Bank Collapse: What You Need to Know | – #Silicon #Valley #Bank #Collapse

March 13 (Reuters) – Shock waves from the collapse of Silicon Valley Bank sent global shocks on Tuesday bank hit their stocks because President Reassurances from Joe Biden and other politicians have failed to assuage market concerns about contagion, prompting interest rate rethinks.

Bidenthe actions of the administration of the Americans bank to their systems trust said it could and also promised tougher regulation.

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*Startup-focused lender SVB Financial Group ( SIVB.O ) in March 10in the crash that rocked global markets 20The largest to fail since the 2008 financial crisis bank it happened

*Bank regulators said on Sunday that SVB depositors will have access to their funds on Monday, amid fears that startups will struggle to pay their workers this week.

*President Biden on Monday hinted at new bank regulation, addressing the banking crisis, but he faces a divided Congress unlikely to approve tougher new rules.

*Government regulators shut down New York-based Signature Bank ( SBNY.O ) on Sunday, which USA It is the third largest failure in banking history.

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*You will be able to do business as usual, a Federal Deposit Insurance Corporation official told customers lined up outside SVB’s Santa Clara headquarters on Monday.

*In Britain, HSBC ( HSBA.L ) bought the UK arm of Silicon Valley Bank for a symbolic pound on Monday, rescuing a major lender to UK technology startups.

GLOBAL FALLOUT

*The rout in global banking stocks continued in Asia on Tuesday after a brutal sell-off on Wall Street on Monday, with JPMorgan Chase & Co ( JPM.N ), Citigroup ( CN ) and Wells Fargo ( WFC.N ) all losing. soil.

*Japanese financial stocks led losses in Asian trade, while in Hong Kong HSBC shares fell to their lowest level since Jan. 12, trailing declines on the London-listed counter.

*As markets believe the Fed will slow, if not stop, interest rate hikes to curb inflation after the sudden collapse of Silicon Valley Bank dollars weakened.

* Canada’s banking regulator said it is stepping up monitoring of local banks’ financial health after SVB’s collapse, The Globe and Mail reported Monday news gave.

Quote

“Americans can rest assured that the banking system is safe … Your savings will be there when you need them.” – USA President Joe Biden.

“I understand that the past few days have been extremely difficult for our customers and employees, and we are grateful for the support of the amazing community we serve.” – Tim Mayopoulos appointed CEO of SVB by the FDIC.

Compiled by Sam Holmes; Edited by Muralikumar Anantharaman

Our standards: Thomson Reuters Trust Principles.

2023-03-14 07:42:39
Source – reuters

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