(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…
By David French, Echo Wang and Alun John (Reuters) – Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded. California banking regulators closed the bank, which did business…
(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…
By Lananh Nguyen and Pete Schroeder NEW YORK (Reuters) -Greg Becker, the chief executive of SVB Financial Group, sent a video message to employees acknowledging the “incredibly difficult” 48 hours leading up to the collapse of its Silicon Valley Bank on Friday. “It’s with an incredibly heavy heart that I’m here to deliver this message,”…
By Hannah Lang (Reuters) – Greg Becker, the chief executive officer who presided over the collapsed Silicon Valley Bank, joined the company three decades ago as a loan officer. The executive cut his teeth during the dotcom bubble and later steered the startup-focused lender in the wake of the 2008 global financial crisis. He became…
By Pete Schroeder WASHINGTON (Reuters) – Silicon Valley Bank’s high level of uninsured deposits helped kick off the run that led to the bank’s closing down, and now any of those depositors will need to hold their breath to see if bank regulators can recover enough to make them whole. Friday’s announcement by the Federal…
By David Shepardson WASHINGTON (Reuters) – Ford Motor Co said on Friday it was on track to resume production of F-150 Lightning vehicles on Monday after the No. 2 U.S. automaker recalled 18 electric trucks due to a battery cell manufacturing defect. The recall announced Friday stemmed from production over a four-week period starting at…
(Reuters) – The Biden administration is working to further tighten restrictions on exporting semiconductor manufacturing gear to China, Bloomberg News reported on Friday citing people familiar with the situation. The government has briefed U.S. companies about the plan and told them it expects to announce the restrictions as early as next month, the report said….
By Sinéad Carew and Amruta Khandekar (Reuters) – Wall Street’s indexes ended down more than 1% on Friday after investors ran for the exits as they feared for the health of U.S. banks after the failure of a high-profile lender to the technology sector, overshadowing the February jobs report. California banking regulators said they closed…
By Noel Randewich and Caroline Valetkevitch (Reuters) -Shares of U.S. banks extended recent losses on Friday, with regional banks hit hardest, as SVB Financial Group’s failure reverberated across the financial industry. A California banking regulator closed SVB, putting the tech-heavy lender into receivership in the largest bank failure since the 2008 financial crisis. The state…
