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finance1 year ago

"NYCB's Road to Recovery: Lessons from a Year of Turmoil"

A year after the tumultuous collapse of Silicon Valley Bank, regional banks are back in focus as New York Community Bancorp faces a sharp drop in shares, prompting a $1 billion capital infusion led by former Treasury Secretary Steven Mnuchin. The market's reaction has been more contained this time, with analysts attributing NYCB's challenges as idiosyncratic. The collapse of SVB last year sparked market uncertainty and a drop in shares of its peers, but NYCB's recent turmoil is seen as a unique situation. The regional banking sector is grappling with tighter regulation and shifting public perception, with some investors finding opportunities in historically discounted bank stocks.

via Yahoo Finance|
#capital-infusion#finance#market-turmoil
finance2 years ago

FDIC Backstops Billions in Deposits for Top Tech and VC Customers

Circle, the issuer of USDC stablecoin, was the top depositor aided by a government-backed guarantee of Silicon Valley Bank (SVB), according to FDIC documents. The move reignited a debate over whether the government was effectively allowing financiers to take excessive risk. Circle briefly de-pegged from the dollar after SVB exposures were revealed in March, but its CEO said the company has strengthened its infrastructure since the incident.

via CoinDesk|
#circle#fdic#finance
finance2 years ago

Former SVB CEO apologizes for unprecedented bank collapse.

Former bosses of two US banks that collapsed in March, sparking global fears over the state of the financial industry, say the failures were caused by "unprecedented" circumstances. Lawmakers are examining the episode amid debate over what should have been done to prevent it. Former Silicon Valley Bank (SVB) chief Greg Becker is set to tell Congress he "never imagined" such events.

via BBC|
#finance#financial-collapse#regulation
business2 years ago

Ex-SVB CEO apologizes for bank collapse caused by rumors and misconceptions.

The former CEO of Silicon Valley Bank (SVB), Greg Becker, has claimed that "rumours and misconceptions" were to blame for the bank's failure to gain a foothold in the UK market. Becker, who stepped down as CEO earlier this year, said that SVB had struggled to convince UK businesses that it was a viable alternative to traditional banks. Despite this setback, Becker said that he remained optimistic about the future of the bank and its prospects for growth in the UK and beyond.

via Financial Times|
#business#ex-ceo#failure
finance2 years ago

Senate to Hear Testimonies from Former Execs of Failed Banks and Regulators.

Former top executives of failed banks SVB and Signature Bank will testify before the Senate Banking Committee on May 16. The hearing will mark the first time any of the men has spoken in public about the bank failures that rocked U.S. financial markets. The former bank executives can expect a grilling from senators on both sides of the aisle. In a separate hearing on May 18, the committee will hear from top federal bank regulators, including Michael Barr, Martin Gruenberg, Michael Hsu, and Todd Harper.

via CNBC|
#bank-failures#bank-regulators#finance
finance2 years ago

"Federal Reserve report highlights failures in oversight and management leading to Silicon Valley Bank collapse"

The Federal Reserve has attributed the failure of Silicon Valley Bank's UK unit to rule changes made during the Donald Trump administration. The changes allowed the bank to hold less capital, which the Fed said contributed to the unit's failure. The bank's UK unit was closed in 2018 after it was found to have inadequate risk management and governance.

via Financial Times|
#donald-trump#failure#federal-reserve
finance2 years ago

Assessing the Ongoing Impact of the Banking Crisis on the Economy and Markets

Banks are still vulnerable after the collapse of Silicon Valley Bank and Signature Bank, and the Federal Reserve is set to release its investigation findings on Friday. While deposits may lead to the belief that banks are in better shape, they are not out of the woods yet, according to Moody's. Many banks are struggling to regain the deposits they lost from the SVB fallout, and the Fed's likely rate hikes at its upcoming meetings will lead to more deposit outflows. However, larger banks are well capitalized and are being properly managed to withstand the pressure that comes with rate hikes and other shocks.

via CNN|
#banks#deposits#federal-reserve
finance2 years ago

SVB's Leadership Resigns Amid Outflows and Brand Rebuilding Efforts

Silicon Valley Bank's new owner, Boston-based private equity firm Polaris Partners, is working to rebuild the bank's brand and stem outflows of deposits. The bank has faced challenges in recent years, including a decline in deposits and a loss of key executives. Polaris is focused on improving the bank's technology and expanding its offerings to better serve its clients in the tech industry.

via Financial Times|
#brand#finance#outflows
banking2 years ago

The Fallout of Silicon Valley Bank's Bailout

Federal banking regulators did not fulfill Silicon Valley Bank's pledge to provide billions in lending to low-income communities as part of an $11 billion community benefits agreement signed ahead of a major merger in 2021. The collapse of the bank could leave thousands of planned Bay Area affordable housing units in jeopardy and halt a $10 million program to increase homeownership in communities of color. Advocates are calling for stronger oversight of bank mergers and for tangible benefits for the public.

via The Lever|
#affordable-housing#banking#banking-regulators