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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Business
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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…
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On Friday, Signature Bank customers spooked by the sudden collapse of Silicon Valley Bank withdrew more than $10 billion in deposits, a board member told CNBC. That run on deposits quickly led to the third-largest bank failure in U.S. history. Regulators announced late…
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Federal regulators stepped in Sunday to back all Silicon Valley Bank deposits, resolving a key uncertainty surrounding the second-largest bank failure in U.S. history hours before global stock markets resumed trading. The U.S. Treasury, the…
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The tech community is still reeling from the abrupt collapse of Silicon Valley Bank, the industry’s one-time financial engine that flamed out last Friday in the second-largest bank failure in U.S. history. Small businesses and…
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Shares of U.S. regional banks slumped on Monday, led by sharp losses in First Republic Bank as news of fresh financing failed to assuage fears of possible bank contagion following the collapse of SVB Financial Group…
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Etsy has begun processing payments to some of the sellers on its platform who were impacted by the collapse of Silicon Valley Bank, the tech company said Monday. ‘Approximately 0.5% of our active seller base…
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Business
Silcon Valley Bank’s tech failings were a problem long before the run that led to its demise, critics say
Silicon Valley Bank’s historic meltdown last week was largely attributed to deteriorating business conditions in the firm’s concentrated customer base and an ill-timed decision to invest billions of dollars in mortgage-backed securities. But long-time clients and others with…