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The Latest Breaking News from Signature Bank

The FDIC says First Citizens Bank will acquire Silicon Valley Bank

First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world.

WEKU

Bank failures and rescue test Yellen's decades of experience

Treasury Secretary Janet Yellen worked against the clock with other regulators, lawmakers and business leaders to come up with a plan that would prevent a full blown banking crisis

The Independent UK

A legal scholar says the Dodd-Frank act put in place after the Great Recession proved to be useless amid SVB's collapse

“Dodd-Frank is still on the books, but its...as good as dead. What good does it do to have a massive set of regulations...if they aren't enforced?” Adam Levitin, a Georgetown University law professor wrote Thursday.

Fortune

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The Week Ahead: Congressional hearings on bank failures should also ask about credit conditions

First came the spectacularly quick bank failure. Then came the fears of a financial contagion. Now get ready for the congressional hearings.

Miami Herald

How "too big to fail" banks became a symbol of safety

Not that long ago, these banks were the villains that nearly cratered the economy.

Axios

Lawmakers tell ex-CEOs 'you must answer' for bank failures

Leaders of the Senate’s banking committee are telling former chief executive officers at the failed Silicon Valley Bank and Signature Bank they “must answer” for their banks' "downfall.”

The Independent UK

European bank shares fall as crisis leaves mark

Banking shares have slipped in Europe as investors adjust to more challenging economic and lending conditions ahead.

The New Daily

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Federal Reserve raises key rate by quarter-point despite banking industry turmoil

Fed Chairman Jerome Powell seeks to reassure Americans that their money was safe after the failure of Silicon Valley Bank, Signature Bank as the Fed continues to fight inflation.

Chicago Sun-Times

Inflation Rate Goes Up By A Quarter Percent Despite A Strong Job Market

The Federal Reserve has increased the interest rate by a quarter percent as the job market remains strong.

Zenger

ASX finishes lower after Federal Reserve hikes interest rates by 0.25 percentage points, Brickworks reports record half-year profit — as it happened

The ASX finishes lower at market close, off the back of the US Federal Reserve lifting interest rates for the ninth consecutive time. Look back at the day's events and insights as they happened with our business reporters on the ABC News markets blog.

ABC News

US central bank sticks to guns with rates hike

The US central bank have raised the country's key interest rate by 25 basis points to 4.75-5.00 per cent range.

The New Daily

The Fed raises interest rates again despite the stress hitting the banking system

The Federal Reserve raised its benchmark interest rate by a quarter percentage-point in an effort to curb high inflation. Some had called for the Fed to wait after two recent bank failures.

WEKU

Public pension plan losses from bank failures seen as minor

The failures of two U.S. banks this month meant losses for U.S. public-sector pension systems that invested in them

The Independent UK

Yellen says banking stabilising, US may intervene more if needed

WASHINGTON - The United States banking sector is "stabilizing" after the recent failures of Silicon Valley Bank and Signature Bank rattled the industry, Treasury Secretary Janet Yellen told a lenders' conference Tuesday, as leaders seek to calm global worries.

Bangkok Post

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Fortune

The bank collapses triggered by SVB have uncanny parallels to the savings and loan crisis of the 1980s

“The arithmetic behind it was timeless," George Ball of Sanders Morris Harris told Fortune.

WEKU

Janet Yellen says the U.S. is ready to protect depositors at small banks if required

The Treasury Secretary said the administration is committed to protecting the U.S. banking system and customers who trust their money to it.

Al Jazeera

US bank failures ‘very different’ from 2008 crisis, Yellen says

US treasury secretary hails government intervention to guarantee depositors’ money and says banking system is ‘sound’.

The Conversation

How changing banks' corporate social responsibility reporting could prevent future financial failures

The recent collapse of Silicon Valley Bank (SVB) – the failure of the biggest US lender since the 2008 global financial crisis – has created waves across the global banking system. The subsequent collapse of another US institution, Signature Bank, the US$30 billion (£24.5 billion) lifeline given to First Republic…

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The Independent UK

Asian stocks rise ahead of Fed's next interest rate decision

Asian stock markets are higher ahead of a Federal Reserve decision on another possible interest rate hike amid worries about global banks

The Independent UK

Army of lobbyists helped water down banking regulations

A handful of red-state Democrats were instrumental in helping Republicans secure a rollback of banking regulations sought by then-President Donald Trump in 2018

Tribune News Service

Signature Bank threw a fundraiser for the congressman now probing how it failed

WASHINGTON — Ten days before Signature Bank collapsed, the House Republican overseeing an inquiry into the bank’s failure was inside its boardroom on New York’s Fifth Avenue.

Evening Standard

Why are banks collapsing? Signature Bank and SVB fail as UBS buys Credit Suisse

The aftermath of the SVB collapse led to heavy losses on the London Stock Exchange and a sharp fall in US banking stocks

The Independent UK

How is the global banking crisis impacting the US and what is being done to solve it?

Collapse of Silicon Valley Bank sparks collapse of confidence in markets

Zenger

Ackman Says Bank Of America Will Buy Signature Bank Monday, Predicts Crisis Of Confidence

Billionaire investor Bill Ackman said Friday that Bank of America will buy Signature Bank on Monday as other banks face peril

Tribune News Service

US banks on bumpy path as First Republic’s troubles persist

Just weeks ago, they were bit players in the giant U.S. banking system. Now, a handful of regional lenders are at the heart of a crisis that’s shaken the country and engaged the likes of Warren Buffett and Jamie Dimon.

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