Silicon Valley Bank’s collapse has sent entrepreneurs scrambling to address concerns few ever thought they’d have to worry about. For some Black founders and investors with ties to the failed lender, the meltdown has also…
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Business
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A group of financial institutions has agreed to deposit $30 billion in First Republic Bank in what’s meant to be a sign of confidence in the banking system, the banks announced Thursday afternoon. Bank of America,…
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Credit Suisse announced it will be borrowing up to 50 billion Swiss francs, about $53.68 billion, from the Swiss National Bank under a covered loan facility and a short-term liquidity facility. The decision comes shortly after…
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WASHINGTON — The former head of Wells Fargo’s retail bank is facing prison time after agreeing to plead guilty to obstructing a bank examination in relation to the sweeping phony accounts scandal that roiled the bank…
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Business
Buttigieg says the U.S. should heed ‘warning signs’ to avoid a ‘catastrophic event’ in the skies
U.S. Transportation Secretary Pete Buttigieg said Wednesday that the country’s air system was skirting disaster in the wake of multiple near-miss aviation incidents in the past year. Speaking at an air safety summit convened by…
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Swiss regulators stepped in to reassure global financial markets after fresh fears about the viability of Credit Suisse threatened wider fallout just days after two historic U.S. bank failures. The Swiss National Bank offered the…
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Business
Inflation cooled to 6% in February as the Federal Reserve weighs next steps on interest rates
Price growth cooled to an annual rate of 6% in February, according to data released Tuesday by the U.S. Bureau of Labor Statistics. The annual reading was lower than January’s 6.4% year-over-year level and in…
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In a harsh blow to an already-reeling sector, Moody’s Investors Service on Monday cut its view on the entire banking system to negative from stable. The firm, part of the big-three rating services, said it…
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Business
Silicon Valley Bank quietly laid off employees as tech firms in its backyard also slashed jobs
Months before it became the second-largest bank in U.S. history to fail, Silicon Valley Bank quietly laid off 100 to 120 employees, according to an internal email seen by NBC News. The layoffs, done in…
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Federal officials have announced they are guaranteeing all deposits at Silicon Valley Bank, the tech-focused lender that U.S. authorities shut down Friday in one of the biggest bank collapses in years. In a joint statement…