Shares of Pacific Western Bank fell again on May 10 after the lender confirmed it continued to see deposit outflows of nearly 10 percent in the first week of the month. The California-based lender disclosed in a securities filing that its deposits fell around 9.5 percent during the week of May 5, with the majority of withdrawals taking…
Pacific Western Shares Slide as Bank Reports Deposits Fall, Pledges More Assets as Collateral
The Banks Are Still in Trouble
The last few days have revealed just how bad the first quarter was for the banking sector. Credit Suisse, which in March collapsed into the arms of its main competitor UBS, recently reported that it had lost $69 billion of customer deposits in the first quarter, bringing the six-month total to an astronomical $225 billion…
Warren Buffet Bets $1 Million That No American Will Lose Money in Coming Bank Failures
Billionaire investor Warren Buffett predicts more U.S. banks will fail, yet he’s so confident that not a single American depositor will lose any money in a bank collapse thanks to federal deposit insurance that he’s willing to bet $1 million on that outcome. “We’re not through with bank failures,” Buffett said in an interview on CNBC’s…
Biden Says Deposits Are Safe, US Banks in ‘Pretty Good Shape’
OTTAWA, Canada—President Joe Biden on Friday praised his administration’s management of the recent banking crisis, saying that the banks are in good shape but that it will take some time for markets to settle down. “I think we’ve done a pretty … good job. People’s savings are secure,” Biden said during a press conference in…
‘Most Vulnerable’ US Banks Lost $1 Trillion in Deposits in a Year: JPMorgan
New YORK—JPMorgan Chase & Co. analysts estimate that the “most vulnerable” U.S. banks are likely to have lost a total of about $1 trillion in deposits since last year, with half of the outflows occurring in March following the collapse of Silicon Valley Bank. The team of JPMorgan analysts led by Nikolaos Panigirtzoglou did not…
Canada’s Banking System Differs From US, Unlikely to See Run on Deposits: Economist
News Analysis Canada’s banks are fundamentally different from American banks and less likely to suffer from the malaise that has consumed the U.S. financial system for most of March, says a U.S.-based economist and former senior fellow with the Montreal Economic Institute. He nevertheless adds that banking reform, as it relates to protection for depositors,…
Not All Uninsured Deposits Will Be Government-Protected in Future Bank Failures: Yellen
March 20, 2023
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Not all Americans’ uninsured deposits will be protected by the federal government in the event of future bank collapses, Treasury Secretary Janet Yellen warned during a hearing before the U.S. Senate Finance Committee on March 16. “I can reassure the members of the committee that our banking system remains sound and that Americans can feel confident…
Banks Begin Failing as Biden Authorizes FDIC Takeover: How to Prepare | Facts Matter
On March 10, Silicon Valley Bank was closed by financial regulators, making it not only the first bank to fail since the 2008 financial crisis, but also, given the fact that they had over $175 billion worth of deposits, they are the second largest bank to fail in all of U.S. history. But then, it…
Silicon Valley Bank Fails, FDIC Steps in to Protect Depositors From Losing All Their Money
March 10, 2023
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The Federal Deposit Insurance Corporation (FCIC) has assumed control of Silicon Valley Bank (SVB) to protect depositors from losing all of their money after it was closed by the California Department of Financial Protection and Innovation. Federal banking regulators on March 10 took custody of the country’s 16th largest bank, which was a top lender for American…
FDIC Takes Control of Silicon Valley Bank After Its Collapse
March 10, 2023
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Bank RunBusiness & MarketsCompaniesdepositseconomic policieseconomyFDICInvestmentpersonal financeSVBUS
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The Federal Deposit Insurance Corporation (FCIC) has assumed control of Silicon Valley Bank (SVB) to protect depositors from losing all of their money after it was closed by the California Department of Financial Protection and Innovation. Federal banking regulators on March 10 took custody of the country’s 16th largest bank, which was a top lender for American…
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