Browsing Tag

Silicon Valley Bank

3 posts

First Republic Bank shares dive on 40% drop in deposits

First Republic Bank lost over 40% of its deposits in Q1 2023, but the situation stabilized since late March. The bank’s shares fell more than 20% in after-hours trading following its first earnings report since Silicon Valley Bank and Signature Bank’s failures last month, which led to emergency measures to fortify the industry. First Republic announced cost-cutting measures, including a 20% to 25% workforce reduction, the condensing of corporate office space, and significant cuts in executive compensation.

The collapse of Silicon Valley Bank rocks banking sector: Three takeaways

DeVere Group CEO Nigel Green warns Silicon Valley Bank’s collapse could have led to a wider financial crisis. US regulators have granted depositors access to their funds and set up a new facility to provide emergency funds, while the Federal Reserve has eased borrowing from the central bank. Green highlights the need for regulation, reversing deregulation to prevent further collapses, and predicts that the Fed will put its rate hike program on hold due to the current banking sector’s stress.

Temasek Holdings has no direct exposure to collapse of Silicon Valley Bank

Temasek Holdings, the Singaporean sovereign wealth fund, has confirmed that it does not have any direct exposure to Silicon Valley Bank (SVB)