Tag Archives: silicon valley bank

The IMF has released its weakest global growth forecast in over 30 years as inflation, banking crises, and geopolitical problems bite hard.  The International Monetary Fund (IMF) recently published its most underwhelming medium-term global growth forecast in over 30 years. On Tuesday, the major United Nations (UN) financial agency expected global growth of 2.8% in 2023 and 3% in 2024. This forecast comes in slightly below what the IMF estimated in January as continued inflation and a...

The latest jobless claims indicate that the US labor market is tight amid rising interest rates as applications rose by 7,000. According to the Labor Department, US weekly jobless claims have climbed to 198,000, representing an increase of 7,000. Although the new figure is slightly higher than the 195,000 expected, it is still generally low in a tight labor market. The Department of Labor also reported a four-week moving average of weekly claims amounting to 198,250. This figure...

Since the collapse of Silicon Valley Bank, several industry stakeholders have been doing all they can to help cushion the pangs in the firm to help prevent it from collapsing. Regional banks in the United States might have recorded their worst month ever this March, the surviving ones, including First Republic Bank (NYSE: FRC). At the time of writing, the shares of First Republic have jumped by 15.72% to $14.28 in a move that appears as though it wants to start paring off the losses it has...

First Citizens has acquired failed bank Silicon Valley and will open former SVB branches today as First Citizens Bank and Trust Company. According to the Federal Deposit and Insurance Corporation, First Citizens Bank is set to acquire the embattled state-chartered commercial bank Silicon Valley Bank (SVB). In a recent statement, the FDIC revealed that the bank holding company would acquire all deposits and loans of SVB. According to the deal, 17 former SVB branches will reopen as...

Financial powerhouse JPMorgan will acquire Aumni for the data platform’s value at its last fundraising in 2021.  Banking giant JPMorgan appears set to acquire leading venture and private markets investment data platform Aumni. Yesterday, the New York-based multinational financial services company announced a definitive purchase agreement with Aumni. Although JPMorgan did not disclose financial terms, the bank expects to pay the data platform’s value at its last fundraising in 2021. This...

The FDIC and Fed are looking for ways the US government can guarantee all bank deposits amounting to $17 trillion should the financial turmoil worsen. The US government is considering ways to guarantee bank deposits if the current banking crisis worsens. According to reports, the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve are exploring a potential guarantee of all US bank deposits. Officials from both parastatals embarked on this scheme on advice from a banking...

A Goldman Sachs economist anticipates that the Fed would suspend its forthcoming rates hike due to “stress in the banking system.” Goldman Sachs (NYSE: GS) believes the US Fed would not hike rates as planned due to prevailing macroeconomic circumstances. In a note published Monday morning, the banking giant’s economist David Mericle pointed to the ongoing banking crisis as a deterrent. According to Mericle, the recent collapses of Silicon Valley Bank (SVB) and Signature Bank make any...

FDIC said that the deal between Signature and Flagstar would cost the Deposit Insurance Fund an estimated $2.5 billion. On Sunday, March 19, the Federal Deposit Insurance Corporation announced that Flagstar Bank, a subsidiary of the New York Community Bancorp, has entered an agreement with US regulators to secure the deposits and loans from Signature Bank, which announced shutdown a week back. The FDIC said that roughly $4 billion of Signature Bank’s deposits and $60 billion worth of...

Firms are actively searching for new banking partners as the regulatory climate in the US has now turned sour. Top American crypto exchange Coinbase is presently weighing its options regarding the creation of a new crypto trading platform. According to a Bloomberg report, the platform will be located outside the United States, and Coinbase has already begun talking about the move with institutional clients. Per the report, the exchange is also yet to decide on the particular location to...

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