svb
New York (AFP) - US authorities are investigating Goldman Sachs' work for Silicon Valley Bank in connection with the events surrounding the California bank's collapse, Goldman disclosed in a securities filing Thursday. Goldman is "cooperating with and providing information to various governmental bodies" on its activities for SVB in March just before the tech-oriented bank went under, according to the filing. Goldman has been criticized over its multiple roles with SVB, in which it was both advising the California bank and purchasing distressed debt in a deal that ultimately played a central r...
AFP
The recent collapse of the Silicon Valley Bank has unraveled endless horror stories for the financial industry. The traditional banking sector felt the hardest impact of the crash, causing rousing questions about their stability and fund safety. As customers become more vigilant, the interest in alternative banking begins to spike, including fintech solutions, which offer more secure and innovative options for money management. Turbulence In Traditional BankingQ4 2022 hedge fund letters, conferences and more On a larger scale, several venture capital funds have advised their portfolio companie...
ValueWalk
San Francisco (AFP) - The nearly overnight collapse of Silicon Valley Bank has left the US tech scene in shock, wondering how one of its most valued institutions could vanish so suddenly, shunned by the companies that used it most. SVB, like many other niche banks around the world, was a highly specialized lender with specific idiosyncrasies -- and its one-track focus could have been its undoing. "I am so angry. And sad and scared. Just remember, we did this collectively," tweeted Nicole Glaros, a startup entrepreneur. "If you did the right thing, and kept your money at SVB, you're being f'ed,...
AFP
San Francisco (AFP) - Customers of under-pressure US banks said Monday they were reassured after authorities stepped in to protect deposits, even as markets fretted about systemic contagion. A few dozen account holders waited outside a San Francisco branch of stricken SVB -- which was seized by regulators on Friday after it collapsed, but there was no evident panic. "We know that things are in place with the FDIC," said Wyatt Boumedine, the chief finance officer of a Silicon Valley start up, referring to a federal deposit protection scheme. He said his company, which banks with SVB and other i...
AFP
The failure of SVB Financial Group (NASDAQ:SIVB) was the second largest in US history after Washington Mutual Bank (WAMU) back in September of 2008. During the financial crisis, I was a bank analyst working for a long/short fund and successfully shorted WAMU down to zero. I only bring this up to validate my experience covering the banking sector given the surprisingly large number of banking experts that have sprouted up on Twitter and Linkedin overnight. The current scenario with SIVB is unique and distinct from the environment during the financial crisis. During the financial crisis, banks f...
ValueWalk
New York (AFP) - Silicon Valley Bank's stunning collapse has led to the freezing of tens of billions of dollars stored there by startups and their private equity backers, raising fears of a wider tech sector fallout. The company, whose website says it is "the financial partner of the innovation economy," was taken over Friday by the US Federal Deposit Insurance Corporation (FDIC) to prevent further damage. "SVB knew the entrepreneurial community," Joseph DeSimone, a professor at Stanford University and founder of several startups, told AFP. "They helped us recruit people, helped with securing ...
AFP
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