Banking Crisis 2023

The Los Angeles company says it secured $1.4 billion of cash from a financing facility from Atlas SP Partners after clients drew down an additional 20% of the bank's deposits. Deposit levels have "stabilized," PacWest says.

The neobank has added tools for payments, booking and other uses, while it's also receiving an influx of customers who fled Silicon Valley Bank.

Combining the two Swiss megabanks means more assets and a bigger brand for UBS. But it could be a heavy lift, slowing U.S. advisor recruitment.

Wall Street leaders and U.S. officials discussing an intervention at First Republic Bank are exploring the possibility of government backing to encourage a deal that would shore up the lender, people with knowledge of the matter say.

The Senate Banking Committee will host top Treasury, Federal Reserve and Federal Deposit Insurance Corp. officials March 28, one day before an identical hearing at the House Financial Services Committee.

Treasury Secretary Janet Yellen's latest remarks reaffirming the government's willingness to shore up uninsured deposits at troubled banks seem to have calmed markets, but sooner or later regulators are going to have to articulate an official policy.

The Swiss government is "temporarily suspending" deferred remuneration granted in the years up to 2022.

Economists have warned since last summer that speedy monetary tightening could be destabilizing. This week, the Federal Reserve will decide whether to stay on that course.

Sweden's largest pension fund, Alecta, is facing losses of almost $2 billion as a result of a failed investment strategy that made it one of the biggest shareholders in two collapsed U.S. banks and another that is embroiled in the ongoing banking crisis.

Following the second-largest bank failure in U.S. history, the California Department of Financial Protection and Innovation said it will examine how it can strengthen its system of financial regulation. The Federal Reserve has begun a similar review.

A cap on deposit insurance for yield-bearing accounts will still provide necessary market discipline, but other important reforms are needed to assure the safety of the banking system.

The incentive structures for both banks and large, sophisticated depositors have changed because of federal regulators' decision to guarantee the uninsured deposits of Silicon Valley Bank and Signature Bank.

In prepared remarks to the American Bankers Association, Treasury Secretary Janet Yellen says the government's intervention to cover uninsured deposits at Silicon Valley and Signature banks "reduced the risk of further bank failures."

Consumers are worried that the banking crisis could spread to their own accounts. To address these fears, some credit unions are getting more focused on liquidity — and making their top executives available to address any member's concerns.

"Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security," said Gov. Ron DeSantis.

After a bank run led to Signature Bank's failure, New York Community Bancorp bought much of what was left from the FDIC. The acquirer now faces questions about how it will persuade the remaining depositors to stick around.

Senator Bernie Sanders said he plans to introduce a measure that would prevent big-bank executives from serving on the boards of the regional Federal Reserve banks that oversee them.

Since the sudden collapse of Silicon Valley Bank on March 10, unstable deposit funding has roiled the banking industry. Ideas on how to reestablish confidence include providing a temporary guarantee for all deposits, raising the deposit insurance limit and reviving an expired program that helped quell market panic in 2008.

Canada's financial institutions' regulator moved to reassure investors as the country's riskiest bank debt joined a global selloff after the value of some Credit Suisse bonds was wiped out in the bank's takeover by UBS Group.

The Raleigh, North Carolina, lender submitted an offer on Sunday to buy all of the failed SVB, and it may also participate in the auctions this week for the two parts of company, people familiar with the matter say.