Bloomberg Business

The worst thing to hit California this week was supposed to be the weather, with drenching rainstorms, flooding and the evacuation of thousands of residents.

Silicon Valley Bank became the biggest US lender to fail in more than a decade, creating fears of contagion in tech and finance sectors in the US and around the world.

Fears that failures at US regional lenders including Silicon Valley Bank could portend a much bigger issue are sweeping across the globe, prompting Wall Street traders to seek shelter in the options market.

As US government officials pledged to fully protect all depositors of the failed Silicon Valley Bank, they had a specific message for investors in the bonds and shares of the bank’s holding company.

BlockFi Inc. has ample access to cash and is in no immediate danger despite more than $200 million of exposure to failed Silicon Valley Bank, a lawyer for the bankrupt crypto lender said Monday.

Eight years ago, Greg Becker delivered a blunt message to lawmakers in Washington: the bank he ran was not like Wall Street.

Financial stress among smaller US banks could prompt the Federal Reserve to pause its hiking cycle as soon as this month, according to Daniel Ivascyn, chief investment officer at Pacific Investment Management Co.

Investors hoping for a reprieve from abrupt swings in technology stocks now are facing renewed crosscurrents from the collapse of Silicon Valley Bank.

New York Governor Kathy Hochul said the takeover of Signature Bank by federal regulators on Sunday “was not a bailout” that puts state taxpayers at risk.

Executives spend 25 hours a week in meetings, a survey found, and 46% of them could be done away with.