First Republic fears drive shares of other regional banks down sharply

First Republic Bank worked overtime on Sunday to reassure customers it was safe to operate after the collapse of Silicon Valley Bank last week sparked fears of contagion in the banking sector. But its stock plunged nearly 50% ahead of Monday’s open despite attempts to reassure customers of the strength of its business. Early Sunday … Read more

Chinese companies and tycoons rush to calm investors after SVB collapse sparks anxiety

hong kong CNN — The collapse of Silicon Valley Bank (SVB), which courted Chinese start-ups, has sparked widespread concern in China, where a series of founders and companies have rushed to appease investors claiming their exposure is insignificant or non-existent. SVB, which worked with nearly half of all venture capital-backed tech and healthcare companies in … Read more

Biden vows to hold those responsible for Silicon Valley Bank’s failure ‘fully accountable’

Washington CNN — President Joe Biden said Sunday that, under his leadership, US Treasury Secretary Janet Yellen and her top economic adviser Lael Brainard worked with financial regulators to ensure that households and businesses affected by the Silicon Valley Bank failures and Signature Bank can access their deposits, and he promised to hold officials accountable. … Read more