Economy Apr 28 Fed faults Silicon Valley Bank executives, itself in bank failure Silicon Valley Bank failed due to a combination of extremely poor bank management, weakened regulations and lax government supervision, the Federal Reserve says in a highly-anticipated review of how the central bank failed to properly supervise the bank before it…
Nation Apr 14 Amid banking industry turmoil, JPMorgan Chase profits jump 52 percent JPMorgan Chase says first-quarter profits rose 52%, helped by higher interest rates which allowed the bank to charge customers more for loans.
Economy Mar 21 Hundreds of lobbyists pushed government to water down banking regulations An unlikely coalition voted in 2018 to roll back portions of a far-reaching 2010 law intended to prevent a future financial crisis. But those changes are now being blamed for contributing to the recent collapse of Silicon Valley Bank and…
Economy Mar 19 Banking giant UBS announces acquisition of Credit Suisse amid financial turmoil Banking giant UBS is buying its smaller rival Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss President Alain Berset announced on Sunday night.
Economy Mar 16 11 big banks create $30 billion rescue package for First Republic Eleven of the biggest banks in the country announced a $30 billion rescue package for First Republic Bank on Thursday, in an effort to stop the California-based bank from becoming the third bank to fail in less than a week.
Economy Mar 15 How the digital era helped speed up bank runs What made the failure of Silicon Valley Bank unique compared to past failures of large banks was how quickly it collapsed. Last Wednesday afternoon, the $200 billion bank announced a plan to raise fresh capital; by Friday morning it was…
Economy Mar 13 What to know about the Silicon Valley Bank collapse 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…
Economy Mar 12 Federal government moves urgently to avert potential banking crisis The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring depositors at the failed financial institution that they would be able to access all of their money quickly.
Economy Mar 10 Silicon Valley Bank seized by FDIC after largest failure since the Great Recession It is the second-largest bank failure in history, behind only the failure of Washington Mutual in 2008. The bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the…
Nation Feb 09 FTX founder Bankman-Fried facing trial, keeps talking He was indicted in December and charged with perpetrating one of the biggest frauds in U.S. history — and he’s still talking, either in person or on the internet.