Gold prices have more room for improvement and could reach $2,600 an ounce. Investors turned to gold and Treasuries after the collapse of the struggles of Silicon Valley Bank and Credit Suisse. Gold’s all-time high was $2,075 in August 2020, according to data from Refinitiv. Investors flocked to gold and Treasuries as bank stocks were … Read more
Discussions, though preliminary, have focused on how the industry could arrange an investment that would increase the bank’s capital, according to people familiar with the matter. Among the options on the table, people said, is investment in the First Republic by the banks themselves. Eleven major banks banded together last week to deposit $30 billion … Read more
WASHINGTON — The Federal Reserve raised concerns about risk management at Silicon Valley Bank at least four years before its failure earlier this month, documents show. In January 2019, the Fed issued a warning to SVB SIVB -60.41% on its risk management systems, according to a presentation released last year to employees of SVB’s venture … Read more
A tumultuous week in U.S. financial markets ended on an uncertain note on Friday after a massive injection of $30 billion in deposits from major banks into First Republic Bank failed to calm investors. Last week, the sudden collapse of three US banks – Silvergate Capital, Signature Bank SBNY and Silicon Valley Bank – began … Read more
Silicon Valley Bank’s parent company has filed for bankruptcy, facilitating the sale of its remaining assets after the tech-focused bank at the heart of its business was seized by federal regulators. SVB Financial Group filed for Chapter 11 protection Friday in New York bankruptcy court, the largest filing stemming from a bank failure since Washington … Read more
The Bank of England announced on Friday that, “in the absence of any other significant information”, it would place Silicon Valley Bank UK in insolvency proceedings. More than 200 companies – depositors with SVB UK – wrote to the UK Treasury on Saturday asking for help. HSBC UK announced at 7am London time on Monday … Read more
Silicon Valley Bank executives went to Goldman Sachs Group Inc. GS -3.09% end of February looking for advice: they needed to fundraise, but weren’t sure how to do it. Soaring interest rates had weighed heavily on the bank. Deposits and the value of the bank’s bond portfolio had fallen sharply. Moody’s Investors Service was preparing … Read more
Tim Mayopoulos attends the Bilt Rewards Launch Party at Equinox Hotel New York at Hudson Yards on June 22, 2021 in New York City. Sean Zanni | Patrick McMullan | Getty Images Three days into his tenure as government-appointed CEO of Silicon Valley Bank, Tim Mayopoulos has a message for his high-powered venture capital and … Read more
WASHINGTON — The Federal Reserve is overhauling a number of its own rules for midsize banks following the collapse of two lenders, potentially expanding restrictions that currently only apply to Wall Street’s biggest firms. A series of stricter capital and liquidity requirements are being considered, along with measures to strengthen the annual “stress tests” that … Read more
WASHINGTON — The Justice Department and the Securities and Exchange Commission are investigating the collapse of Silicon Valley Bank, people familiar with the matter say, after the California lender was taken over by regulators last week amid a historic race on its deposits. The separate investigations are in their preliminary stages and cannot lead to … Read more
