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By Staff Reporters
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Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced yesterday, in what is the largest U.S. bank failure since the global financial crisis more than a decade ago.
- The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning.
- SVB’s branch offices will also reopen at that time, under the control of the regulator.
- The FDIC’s standard insurance covers up to $250,000 per depositor, per bank, for each account ownership category.
CITE: https://www.r2library.com/Resource/Title/082610254
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And, the crypto company SB announced yesterday that it’s winding down operations and liquidating Silvergate Bank, which has about $11 billion in assets. Silvergate has been struggle throughout crypto’s downturn—especially after the collapse of FTX, one of its biggest customers. Last quarter, Silvergate fired 40% of its workforce, reported a $1 billion loss, and took out billions in loans…but apparently it wasn’t enough.
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U.S. equities ended the day and week sharply lower, as the markets continued to look for hints regarding future monetary policy decisions. The moves came amid a flurry of news and economic data, as the February labor report showed stronger-than-expected job gains, and a lower-than-anticipated increase in wages, but a rise in the unemployment rate. The report was in stark contrast to January’s blowout figures, and seemed to soothe some of the anxiety over the Fed’s future actions.
In earnings news, Ulta Beauty handily beat estimates and provided upbeat guidance, and Oracle offered mixed quarterly results and increased its dividend, but Gap fell well short of expectations amid a tumble in online sales, and it saw a shakeup in management.
Treasury yields tumbled in the wake of the labor report and worries surrounding the banking sector, and the U.S. dollar was sharply lower, while crude oil and gold prices traded to the upside.
Asian stocks finished lower, and markets in Europe saw widespread losses, led by shares of banking companies, amid uncertainty regarding the overall effects of rate hikes.
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Ethics, iMBA, Inc., Information Technology, Investing, Portfolio Management | Tagged: Asian stocks, crypto, cryptocurrency, DJIA, FDIC, Federal Reserve, FTX, NASDAQ, oracle, S&P 500, Silicon Valley Bank, Silvergate Bank, SVB, Treasury yields, ulta beauty | Leave a comment »
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