Banking Crisis 2023

Federal Deposit Insurance Corp. Vice Chair Travis Hill said Silicon Valley Bank's failure raises concerns over the resolution process, and said regulators should work harder to find a buyer for distressed banks in the future. 

PacWest Bancorp has completed the first part of the sale of a $5.7 billion loan portfolio to the real estate investment company Kennedy Wilson Holdings as the U.S. regional bank takes steps to shore up liquidity.

An analysis by S&P Global Market Intelligence shows that 37 of the 50 largest U.S. banks reported increases in total assets after a series of regional lender failures.

After shares dropped in the aftermath of recent failures, most banks demonstrated resilience and investors started to buy back into the sector.

It would be a mistake for regulators in the U.S. and Canada to delay the rollout of rules supporting open banking. Fears of bank runs as a result of customer access to their own financial data are overblown.

If history is any guide, periods of disruption in the industry are followed by regulatory resets, which in turn force banks to compete for the talent needed to meet new compliance demands.

In a vote of confidence in the industry, insiders aggressively bought shares of their own companies after a crisis sparked the collapse of four regional lenders earlier this year.

The banking crisis set in motion by the failure of three banks has the industry focusing once more on how to avoid the same scenario.

The locations being shuttered are spread across eight states, according to a spokesperson. JPMorgan took over 84 First Republic branches when it bought the failed San Francisco bank a month ago. 

The unit's CEO, Jeff Leerink, and his management team are said to be preparing to announce a deal for the firm in the coming days, pending approval from the U.S. Bankruptcy Court for the Southern District of New York.