Silicon Valley Bank's spectacular implosion shows how digital banking can decimate a lender in 24 hours
:"We really, really don't want depositors to start doubting their banks. The world has changed since 2008; the speed of a cascade could be very fast."In the wake of the 2007-08 financial crisis, Obama pushed through the Dodd-Frank Act to straighten out America's banking sector. In 2018, Trump enacted significant changes to liberate all but the largest banks from Obama's safeguards.
. The stress test, per the Fed,"assesses whether banks are sufficiently capitalized to absorb losses during stressful conditions" while continuing to go about their daily business. Nigel Green, the CEO of deVere Group, an independent financial advisor, said SVB's collapse had brought Trump-era deregulation into question."It appears that the deregulation has allowed banks like SVB to take reckless risks," he said."Now there needs to be a serious conversation about reversing the law to shore up confidence and to avoid further collapses.
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JPMorgan, PNC among suitors for SVB Financial in deal excluding SVB Bank - AxiosJPMorgan Chase & Co and PNC Financial Service Group Inc are among those in talks about acquiring SVB Financial Group in a deal that would exclude its commercial banking unit Silicon Valley Bank that is currently under U.S. control, Axios reported on Monday citing sources.
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SVB collapse: The Treasury must make whole SVB investorsThe Treasury Department is right to ensure that investors at Silicon Valley Bank have access to their deposits.
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Silicon Valley exhales after US intervenes in SVB collapseA wave of relief swept over Silicon Valley Sunday following a tense weekend of board meetings, emergency funding plans and pleas for help after regulators stepped in to backstop the region’s embattled namesake bank.
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Silicon Valley Firms Expect Changes in Financial Methods After SVB DisasterStartups and venture investors voice relief at federal decision to protect Silicon Valley Bank depositors, but see need for new banking practices
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Silicon Valley Bank Collapse: US Moves to Protect Deposits, HSBC to Buy SVB's UK SubsidiaryGovernments in the U.S. and Britain are taking extraordinary steps to stop a potential banking crisis after the historic failure of Silicon Valley Bank.
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Silicon Valley Bank collapse: How SVB stock price performed in 5 yearsSilicon Valley Bank had been rated as one of the top banks in America for five years before its closure by U.S. regulators in March 2023.
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