![]() Traders cheered the lack of surprises in the February Consumer Price Index inflation reading and looked ahead to Wednesday's Producer Price Index, which economists say could show a slowing in wholesale prices. While most bank stocks rallied Tuesday, the smoke hasn't cleared just yet: Moody's Investors Service slashed its outlook for the US banking sector and placed six US banks on review for potential credit rating downgrades. US stocks closed higher on Tuesday, recovering some of their losses after the collapse of three banks tested markets on Monday. ![]() ![]() Traders work on the floor of the New York Stock Exchange today in New York City. “Without speaking to any individual entity or person, we will investigate and bring enforcement actions if we find violations of the federal securities laws,” Gensler said in the statement.ĬNN previously reported the Justice Department probe.ĬNN's Paula Reid contributed to this report. SEC Chair Gary Gensler, while declining to identify any specific institution, appeared to allude to the likely step in a statement on Sunday. No one has been accused of any wrongdoing and the person familiar with the matter noted that investigations into a significant event like the failure of Silicon Valley Bank are common in the immediate aftermath. The Securities and Exchange Commission and the Justice Department are both in the early stages of their investigations into the collapse of Silicon Valley Bank, according to sources familiar with the matter.īoth federal agencies are looking into the bank’s failure and the actions by senior executives in the lead-up to the decision by federal regulators to shutter the lender last week, one of the sources said. People queue up outside the headquarters of the Silicon Valley Bank (SVB) in Santa Clara, California, on March 13. Some context: The FDIC created the SVB bridge bank to handle customers’ transferred deposits and banking services. We recognize the past few days have been an extremely challenging time, and we are grateful for your patience," he wrote. The CEO also reassured customers that dispositors have access to their funds and that all deposits are protected by the FDIC, echoing his message from the day before. Customers rushed to yank their money out of the bank after Becker and his team revealed a bid to raise $2.25 billion in capital as well as $21 billion in asset sales last week, sparking anger among employees and helping pave the way for SVB's downfall. Mayopoulous replaced former CEO Greg Becker on Monday following the bank's collapse that triggered widespread concerns about how the tumult could spread to other regional banks. We are actively opening new accounts of all sizes and making new loans," he wrote. We are also open for business for any new customers. "If you, your portfolio companies, or your firm moved funds within the past week, please consider moving some of them back as part of a secure deposit diversification strategy. Newly appointed Silicon Valley Bridge Bank CEO Tim Mayopoulos asked customers to return some their funds into the bank. Timothy Mayopoulos at the Milken Institute 21st Global Conference in Beverly Hills, California, in May 2018.
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