Reuters US Business

(Reuters) – The U.S. Federal Reserve and the Federal Deposit Insurance Corp are weighing the creation of a fund that would allow regulators to backstop more deposits at banks that run into trouble in the wake of Silicon Valley Bank’s collapse, Bloomberg News reported on Saturday. Regulators discussed the new special vehicle in conversations with …

US weighs new fund to backstop deposits if more banks fail, Bloomberg News says Read More »

(Reuters) – The U.S. Federal Reserve said it will hold a closed-door meeting of its board of governors under expedited procedures on Monday. The meeting from 11:30 a.m. (0330 GMT) will primarily review and determine the advance and discount rates to be charged by the Federal Reserve banks, the Fed said in a statement. The …

U.S. Federal Reserve governors to hold closed-door Monday Read More »

By David Randall and Davide Barbuscia NEW YORK (Reuters) – Cracks are appearing in the global financial system as the decade-long era of cheap money ends, with some investors worrying the shock collapse of Silicon Valley Bank signals world markets may be on the cusp of a reckoning.  Over the past year, the U.S. Federal …

Analysis-Silicon Valley Bank’s fall widens systemic cracks as cheap money vanishes Read More »

By Lananh Nguyen and Pete Schroeder NEW YORK (Reuters) – Employees of Silicon Valley Bank were offered 45 days of employment at one and a half times their salary by the Federal Deposit Insurance Corp, the U.S. regulator that took control of the collapsed lender on Friday, according to an email to staff seen by …

Silicon Valley Bank staff offered 45 days of work at 1.5 times pay Read More »

(Reuters) -Hedge funds are offering to buy startup deposits stranded at Silicon Valley Bank (SVB) for as little as 60 cents on the dollar, Semafor reported on Saturday, citing people familiar with the matter. Bids range from 60 to 80 cents on the dollar, the report said adding that the range reflects expectations for how …

Hedge funds offering to buy startup deposits stuck at Silicon Valley Bank -Semafor Read More »

By Pete Schroeder and Nupur Anand WASHINGTON/NEW YORK (Reuters) – The rapid unraveling of SVB Financial Group has blindsided the banking industry after years of stability. The collapse on Friday, the largest bank failure since the 2008 financial crisis, had a unique set of circumstances but raised questions about hidden weaknesses that could have consequences …

SVB’s lightning collapse stuns banking industry Read More »

(Reuters) – U.S. lawmakers met with the Federal Reserve and Federal Deposit Insurance Corporation on Friday to discuss the collapse of SVB Financial Group, Coindesk reported on Saturday citing a source. Democratic U.S. Representative Maxine Waters held briefings with officials from the two regulators and the Treasury Department, hours after the startup-focused SVB’s collapse, the …

US lawmakers met Fed, FDIC to discuss Silicon Valley Bank’s collapse – Coindesk Read More »

(Reuters) – Tesla Inc Chief Executive Officer Elon Musk has exercised options to acquire 10,500 shares of the electric-vehicle maker, U.S. securities filing showed on Friday. (This story has been corrected to say that Musk has exercised option to buy Tesla shares and removes reference to $50,000 in headline and paragraph 1) (Reporting by Akanksha …

Elon Musk exercises options to acquire 10,500 Tesla shares – filing Read More »