Banking Crisis 2023

Billions of dollars funneled into the two neobanks after Silicon Valley Bank failed. But fintechs may have to work hard to retain that business.

Citigroup CEO Jane Fraser said mobile apps and consumers' ability to move millions of dollars with a few clicks of a button mark a sea change for how bankers manage and regulators respond to the risk of depositor panics.

Regional bank shares slumped, dragging down the broader market, after Treasury Secretary Janet Yellen's comments and as Federal Reserve Chair Jerome Powell said he's prepared to keep raising rates until inflation shows signs of cooling.

The San Francisco bank said the move is designed to "foster closer alignment with the shareholder experience and signal commitment to the bank and all of its stakeholders." The company's stock price has fallen 89% this year, and government officials have reportedly been working with industry leaders on a rescue deal.

Financial tightening stemming from two recent bank collapses has served as its own check on inflation, according to Federal Reserve Chair Jerome Powell. He said the relatively small rate hike announced Wednesday was not the result of financial stability concerns.

SVB acquired Boston Private for $900 million in 2021 as part of its "vision is to be the premier financial partner for the innovation economy." 

The Senate Banking Committee Chairman Sen. Sherrod Brown will introduce legislation soon along the lines of President Joe Biden's framework for executive compensation outlined last week.

Rep. Patrick McHenry, R-N.C., the chairman of the House Financial Services Committee, said that expanding deposit insurance could have "serious consequences."

Hannah Olson, CEO of disability compliance solution Disclo, explains how she moved through days of uncertainty when her startup's bank failed.

Sen. Sherrod Brown, D-Ohio, chairman of the Senate Banking Committee, told bankers not to lobby for weaker regulation in the wake of the Silicon Valley Bank and Signature Bank failures.