UBS to buy Credit Suisse in $3.25B government-backed deal

UBS Chair Colm Kelleher said he will trim Credit Suisse’s investment banking arm, likely bringing an end to the CS First Boston spinoff.

By Rajashree Chakravarty • March 20, 2023

NYCB’s Flagstar to buy large portion of Signature Bank

Although Signature has been a darling in the crypto world for years, NYCB won’t be touching that business.

By Gabrielle Saulsbery • March 20, 2023

Explore the Trendline➔

Top 5 stories from Banking Dive

Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.

By Banking Dive staff

Powell, Goldman and FDIC rules are targets in wake of SVB’s failure

Sen. Elizabeth Warren sent a pointed letter to the Fed chair. President Joe Biden wants Congress to expand FDIC authority. And 20 Democrats raise concern over Goldman's dual role with the failed bank.

By Dan Ennis • March 20, 2023

SVB’s parent company files for bankruptcy protection

The move will allow SVB Financial Group “to preserve value as it evaluates strategic alternatives” for venture-capital business SVB Capital and broker-dealer SVB Securities, the company said.

By Dan Ennis • March 17, 2023

Investors sue Credit Suisse over ‘misleading’ 2021 report

The suit comes as the Swiss National Bank gave the lender a $54 billion lifeline. Credit Suisse on Tuesday detailed "material weaknesses" for 2022 in a delayed report.

By Rajashree Chakravarty • March 17, 2023

11 banks deposit $30B in ailing First Republic

The joint action from the nation’s largest banks follows the collapse of Silicon Valley Bank and Signature Bank, events that have shaken the banking industry and sowed fears of contagion.

By Anna Hrushka • March 16, 2023

Nearly 30% of CFOs aim to diversify deposits after bank failures: study

CFOs should avoid “shifting deposits too quickly away from banks that are not at risk of failure and harming their relationship rates and terms” but also should not act hesitantly, a Gartner executive said.

By Elizabeth Flood • March 16, 2023

Credit Suisse borrows $54B from Swiss central bank

The embattled bank called the loan a “decisive action to pre-emptively strengthen its liquidity.”

By Rajashree Chakravarty • March 16, 2023

Fed considers stricter capital requirements for midsize banks

Sen. Elizabeth Warren, D-MA, on Tuesday proposed a legislative route to do the same, but Republicans and even some Democrats are waiting on the Fed's review of recent bank failures.

By Dan Ennis • March 15, 2023

‘Meme stock in reverse’: SVB collapse portends new era of viral bank runs

Silicon Valley Bank’s demise gave the banking sector a glimpse into how social media and digital banking can turn a financial institution from operational to insolvent in a matter of hours.

By Anna Hrushka • March 15, 2023

Silicon Valley Bank collapse shows HR, finance ‘need to be in lockstep’

Companies may need to re-assess their payroll practices and examine their HR tech stack. “Employee credit cards, benefits on credit cards ... I think a lot of those are likely going to go away,” one CEO said.

By Caroline Colvin • March 14, 2023

Failed Signature Bank had a deep reach in the NYC rental market

The lender funded approximately 3,000 apartment buildings in the city, according to one source.

By Leslie Shaver • March 14, 2023

Signature Bank faces investor lawsuit in aftermath of its closure

A complaint takes aim in large part at a press release the bank released three days before its closure, in which it indicated it was in strong financial position.

By Lyle Moran • March 14, 2023

Fed, DOJ, SEC will all review Silicon Valley Bank’s failure

Sen. Elizabeth Warren, D-MA, however, demanded that Fed Chair Jerome Powell recuse himself from the central bank’s review, due to be publicly released by May 1.

By Gabrielle Saulsbery • March 14, 2023

Credit Suisse chair forgoes pay as bank reports ‘material weakness’

Share compensation for Chair Axel Lehmann, however, will be increased from 33% to 50%, according to a Tuesday filing with the SEC.

By Rajashree Chakravarty • March 14, 2023

Regional banks begin to bounce back after trickle-down panic

Volatility halts trading twice at First Republic. A dip at First Horizon raises questions about the impending TD merger. And the four biggest banks may come out winners as customers move deposits.

By Dan Ennis • March 14, 2023

Silicon Valley Bank investors sue collapsed firm’s CEO, CFO

The proposed class action alleges the failed bank, CEO Greg Becker and CFO Daniel Beck concealed from investors the impact that high interest rates would have on the tech-focused firm’s business.

By Anna Hrushka • March 14, 2023

Bank failure panic fuels moment of opportunity for threat actors

As regulators step in to operate SVB and Signature, threat hunters and security executives warned organizations to look out for malicious activity.

By Matt Kapko • March 14, 2023

Silicon Valley Bank workers will help run the bank until a buyer is found

Y Combinator petitioned federal finance leaders Saturday “to prevent further shock waves through the economy that could lead to financial crisis and layoffs of more than 100,000 workers.”

By Ginger Christ • March 13, 2023

HSBC buys UK arm of SVB for symbolic £1

“Deposits will be protected, with no taxpayer support,” Jeremy Hunt, Britain’s finance minister, tweeted Monday.

By Rajashree Chakravarty • March 13, 2023

Regulators backstop SVB deposits, launch emergency lending facility

The bank’s depositors received access to all their funds Monday morning. The $25 billion lending facility is aimed at providing liquidity to banks impacted by the firm’s collapse.

By Anna Hrushka • March 13, 2023

Signature Bank closed by NY regulator

Business clients pulled deposits Friday after the crumbling of fellow crypto-friendly Silicon Valley Bank. An auction for Signature's assets could begin Monday.

By Dan Ennis • March 13, 2023

Regulators take over Silicon Valley Bank

The California Department of Financial Protection and Innovation closed the embattled bank and appointed the FDIC as receiver, regulators said Friday.

By Anna Hrushka • March 10, 2023

JPMorgan sues former exec Jes Staley, wants 8 years of pay returned

Meanwhile, a judge ordered the bank turn over a wider scope of documents — through 2019 — in response to a U.S. Virgin Islands lawsuit.

By Dan Ennis • March 9, 2023

Crypto bank Silvergate shuttering operations, liquidating

"Today we are seeing what can happen when a bank is overreliant on a risky, volatile sector like cryptocurrencies,” Sen. Sherrod Brown, D-OH, said in a statement.

By Gabrielle Saulsbery • March 9, 2023