“Most of our clients didn’t close their bank accounts with us they just simply moved deposits elsewhere. Our message to them is come back and work with us again,” says Andy Tsao, managing director, Silicon Valley Bank.
Tag: SVB
Indian startups with ‘strong fundamentals’ will survive: Vinod Khosla tells BBC
With Indian startups facing trying times amidst funding crunch and mass firings, ace Indian-origin venture capitalist Vinod Khosla says the ones with “strong fundamentals” will continue to be funded, though at lower valuations, a media report said.
Morally Hazardous Future of Careless Banking à la SVB
In a previous life I was a Banking Analyst but I never covered SVB Financial Group (SIVB). This morning I had a chuckle looking it up on Yahoo Financials. “Undervalued,” declared the automated ratings genie. The fact that the same day SVB’s deposits and loans were acquired by First Citizens Bancshares of Raleigh, NC, after weeks of turmoil, made Yahoo’s prognostication more poignant; maybe Yahoo has a point there.
US Federal Reserve, undaunted by recent banking problems, raises interest rate
The US Federal Reserve on Wednesday raised interest rate by 25 basis points, which is modest compared to previous hikes aimed at curbing inflation but came amidst uncertainty about the banking system that has taken a hit in the last few weeks triggering fears of a larger problem.
US banks launch $30bn rescue of First Republic to stem crisis
Wall Street banks have moved to end the US’s spiraling banking crisis by agreeing to prop up troubled First Republic, a mid-sized bank whose shares have been pummeled amid a wider banking turmoil. Bank of America, Goldman Sachs, JP Morgan and others will deposit $30 billion in First Republic, which has seen customers yank their money following the collapse of Silicon Valley Bank (SVB) and fears that First Republic could be next.
India laser-focused on helping startups tide over SVB crisis: MoS Rajeev Chandrasekhar
India is committed to helping startups get over the crisis triggered by the Silicon Valley Bank (SVB). Union Minister of State for Skill Development & Entrepreneurship and Electronics & IT Rajeev Chandrasekhar spoke to more than 450 startups, owned or co-owned by Indians, Venture Capitalists (VCs), Industry leaders, and others stakeholders on the collapse of Silicon Valley Bank through video conferencing from New Delhi on March 14.
Indian startups able to withdraw up to $300mn from Silicon Valley Bank
Indian startups have withdrawn up to $300 million from the collapsed Silicon Valley Bank (SVB) after the Joe Biden government in the US allowed depositors to withdraw their funds from March 13, Indian media reported.
Silicon Valley Bank crisis: Panic subsides on Wall Street as regional bank stocks rebound
After a few days of panic over the health of the US banking system, Wall Street appeared to take a deep breath Tuesday, media reports said. Regional bank stocks rebounded Tuesday morning after being pummelled in a Monday selloff that was fuelled by a mix of contagion fears and a pile-on of short-sellers who profit when stocks lose value due to the Silicon Valley Bank crisis.
Yellen offers (some) clarity on SVB
There seems to be light at the end of the tunnel, even though it isn’t clear as to when founders and wider Silicon Valley community can exhale, even for a minute. The US Treasury Secretary Janet Yellen spoke to the Face the Nation this morning. Her comments reveal that the government doesn’t want it to become a contagion that spreads to other banks. As many have said, this could undermine the faith in US banking system from the point of view of depositors.
Biden vows to fire SVB management but protect depositors post collapse
President Joe Biden on Monday calmed an alarmed nation over the Silicon Valley Bank (SVB) collapse vowing to protect depositors’ monies, fire the bank management, but declared investors would not be protected as they knew the risks they ran.
US regulators shut Signature Bank, 3rd big collapse in a week
Signature Bank, one of the two significant banks for the crypto industry, has also been shut down by the New York regulators — the third US bank failure within a week.
Vinod Khosla, OpenAI CEO Sam Altman offer personal cash to help startups
Ace venture capitalist Vinod Khosla and ChatGPT developer OpenAI’s CEO Sam Altman have offered personal capital to help startups after the Silicon Valley Bank (SVB) collapse. Khosla said he is offering personal loans at borrowing cost to companies in the Khosla Ventures portfolio.
Minister Rajeev Chandrasekhar to meet Indian startups to discuss Silicon Valley Bank crisis
India’s federal minister Rajeev Chandrasekhar said he will meet Indian startups this week to understand the impact of Silicon Valley Bank’s collapse on them and how the government can help during the crisis.
US bails out SVB depositors, says will get all their money back from Monday
The US Treasury, Federal Reserve Board, and the Financial Deposit Insurance Corporation on Sunday announced that depositors of the failed Silicon Valley Bank will have access to all of their money starting from today, March 13.
Silicon Valley veterans stunned at SVB collapse
“I attended its anniversaries over the years and they were looking forward to celebrating their 40th anniversary this year. Yet, they shut down in a span of 14 hours,” said Vish Mishra, a veteran venture capitalist, on the sudden collapse of Silicon Valley Bank (SVB) on March 10.
Silicon Valley Bank (SVB) shut down shakes the Tech world in the Silicon Valley
The sudden shutdown of Silicon Valley Bank(SVB) on Friday, March 10, has shaken the entire Startup and Venture Capital community across the globe, and more particularly in Silicon Valley, California. It is being termed as the second largest US banking failure after the financial crisis of 2008 which brought down Washington Mutual Bank.