Scott Shay, the former chairman of Signature Bank, faced criticism from US lawmakers for attributing his company's failure to cryptocurrency despite reportedly receiving substantial bonuses and stock options. On May 16, 2023, Shay testified before the Senate Banking Committee, explaining that Signature Bank began accepting deposits from companies involved in ...
Introduction In March 2023, the California Department of Financial Protection and Innovation shut down Silicon Valley Bank, a financial institution headquartered in Santa Clara, California. The regulator cited substantial losses in its investments and a significant amount of money withdrawn by its depositors as the reason for its action. It ...
The Federal Deposit and Insurance Corporation (FDIC) has announced that First Citizens Bank, headquartered in North Carolina, has acquired all of Silicon Valley Bank's deposits and loans through a purchase and assumption deal. Today, we entered into an agreement with First-Citizens Bank & Trust Company to purchase and assume all ...
United States Federal Reserve Chairman Jerome Powell revealed that he and his regulators were caught off guard and unable to explain the sudden collapse of Silicon Valley Bank(SVB) earlier this month, despite being under their oversight. In a press conference, Powell stated that the question they were asking themselves over ...
SVB Financial Group has reportedly submitted a voluntary petition to the United States Bankruptcy Court for the Southern District of New York to undergo a court-supervised reorganization under Chapter 11. This measure is intended to protect the company's value. SVB Financial Group clarified that the bankruptcy proceedings exclude SVB Securities ...
