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Dow dives over 600 points as Credit Suisse selloff injects fresh unease into markets
10 days ago | By Business Insider
Swiss banking giant Credit Suisse. Fabrice Coffrini/AFP/Getty Images)
US stock futures sank Wednesday as worries about Credit Suisse's financial health revived fears over banks.
The Swiss bank's shares plunged 22% in Zurich after its top investor ruled out further support.
Dow futures fell as much as 600 points premarket as the worries dented US investor sentiment.
US stocks looked set to fall at the opening bell Wednesday as a plunge in Swiss banking giant Credit Suisse's share price injected fresh unease into markets. Dow Jones Industrial Average futures shed as much as 600 points in...
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Silicon Valley Bank and inflation complicate the Fed's next move
10 days ago | By Business Insider
Howdy team. Senior reporter Phil Rosen here. Everyday now we've been talking about Silicon Valley Bank - SVB - and I've had to catch myself several times from saying SBF - Sam Bankman-Fried - the guy behind the other big financial collapse in recent months. For today there's more to break down about SVB. Specifically, how this week's turmoil across the banking system could end up swaying how much you pay on credit cards, loans, and car payments. If this was forwarded to you, sign up here. Download Insider's app here. Jerome Powell. Pool/ Getty Images 1. We learned yesterday that inflation...
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Goldman Sachs bought the SVB bonds whose $1.8 billion loss set off the startup lender's meltdown
10 days ago | By Business Insider
Silicon Valley Bank's HQ in Santa Clara, California Getty Images
Goldman Sachs bought Silicon Valley Bank's bond portfolio whose $1.8 billion loss set off its shocking meltdown.
The assets were worth $23.97 billion but sold at a negotiated price of $21.45 billion, SVB said, per Reuters.
SVB made a bad bet by staying invested in the long-dated bonds it bought before the Federal Reserve began raising interest rates.
Silicon Valley Bank revealed Tuesday that Goldman Sachs bought the bond portfolio on which the startup lender booked a multi-billion-dollar loss, setting off the biggest bank...
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The collapse of Silicon Valley Bank foreshadows a bigger reckoning for the tech industry
10 days ago | By Business Insider
The destruction wrought by the collapse of Silicon Valley Bank could be a moment for the tech industry to take a step back and reflect on its problems. But sadly, it won't be. iStock; Rebecca Zisser/Insider In the days since the stunning collapse of Silicon Valley Bank , I've seen the tech world point a lot of fingers. I've seen venture-capital titans and tech gurus blame the regulators , the banking system , the Federal Reserve , Joe Biden , the bank's communications team , and anyone else within shouting distance of this mess. But I have yet to see any of these grown-ups take some of the...
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The CEO of Silicon Valley Bridge Bank is asking customers to return. But spooked Americans are moving billions out of smaller banks and into Wall Street giants
10 days ago | By Business Insider
Many depositors moved their funds out of Silicon Valley Bank over the last few days. Noah Berger/AFP
The CEO of Silicon Valley Bridge Bank asked customers to move their money back to the bank.
US depositors have been moving billions of dollars from smaller to larger banks, per Reuters.
Banking giants seeing demand for deposit services include Bank of America, Citigroup, and JPMorgan Chase.
The new CEO of Silicon Valley Bridge Bank is asking customers to help the lender by moving back the money they had withdrawn over the last few days. "The number one thing you can do to support the future...
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Empty for years, NYC's famous Flatiron Building - and its weird narrow...
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Idaho becomes 5th state after Utah, South Carolina, Mississippi and Oklahoma...
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Explosion at Pennsylvania chocolate factory kills at least 2, 1 found alive...
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Salesforce COO warns there may be even more job cuts coming to 'change and...
Salesforce recently cut around 8,000 roles. Noam Galai/Getty Images Salesforce COO Brian Millham said it could "change and reshape" the company, per Bloomberg. The company has... Read more ...
New York Post and New York Daily News torch Trump for threats against Bragg...
The front pages of the New York Post and the New York Daily News on March 25, 2023. New York Post. New York Daily News. Both New York tabloids on Saturday called out Trump's... Read more ...