Our podcast on markets, the economy and business. This week, how the failure of Silicon Valley Bank felled Credit Suisse, one of banking’s household names
Few would have predicted that the demise of Silicon Valley Bank, a niche Californian lender, would be followed by the failure of Credit Suisse. But on March 19 the banking crisis reached Zurich, where regulators brokeredOn this week’s podcast, hosts Alice Fulwood, Tom Lee-Devlin and Mike Bird chart the spread of the crisis and examine its fallout.
Richard Berner, a former advisor to the Treasury Secretary, explains: “Silicon Valley Bank was not systemic in life, but proved to be systemic in death.” And Huw van Steenis, who used to advise the chief executive of UBS, explains how the crisis hasSign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at
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How Twitter and WhatsApp accelerated the implosion of Silicon Valley Bank🏦 While its speedy demise was ostensibly triggered by its decision to raise funds through a sale of shares, only in the era of social media could a bank fall so quickly 🔎 Big Read by Eve McGowan
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Credit funds scrutinise ‘mythical, enormous’ Silicon Valley Bank loan book\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
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Credit funds scrutinise ‘mythical, enormous’ Silicon Valley Bank loan book\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
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Silicon Valley Bank’s UK arm sees sharp inflows after £1 HSBC rescueThe British arm of Silicon Valley Bank has seen its deposit base rise back above £7bn - 10 days after steep withdrawals led it to the brink of insolvency, Sky News learns.
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Bradford surgeon who set up burns unit after Valley Parade fire diesProfessor David Sharpe treated hundreds of victims of the Bradford City stadium fire.
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Fed Raises Key Rate by Quarter-Point Despite Bank TurmoilThe Federal Reserve extended its year-long fight against high inflation by raising its key interest rate by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system. Fed Chair Jerome Powell sought to reassure Americans that it is safe to leave money in their banks, two weeks after a rush of depositors pulled funds from Silicon Valley Bank, which collapsed in the second-biggest bank failure in U.S. history. Signature Bank fell soon afterward. “We have the tools to protect depositors when there’s a threat of serious harm to the economy or to the financial system,” Powell said. “Depositors should assume that their deposits are safe.”
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