International Business Weekly
  • Home
  • News
  • Politics
  • Business
  • National
  • Culture
  • Lifestyle
  • Sports
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • National
  • Culture
  • Lifestyle
  • Sports
No Result
View All Result
International Business Weekly
No Result
View All Result
Home National

SVB Financial Seeks Bankruptcy Protection As Banking Turmoil Persists

Brand Post by Brand Post
March 17, 2023
in National
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Silicon Valley Bank (SVB) logo is seen through broken glass in this picture illustration taken March 16, 2023.
Reuters

SVB Financial Group said on Friday it filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. regulators.

The move to commence bankruptcy proceedings comes as emergency measures to shore up confidence have so far failed to dispel worries about a financial contagion.

Shares of big banks fell between 1.5% and 3% in early trading.

Financial stocks have lost over billions of dollars in value since the collapse of Silicon Valley Bank and Signature Bank last week, while credit stress has worsened for Wall Street’s biggest banks.

“It is impossible to know if there are other shoes to drop, but I think a good majority of the negative news is out there,” said Art Hogan, chief market strategist at B. Riley Wealth Management.

Californian regulators shuttered Silicon Valley Bank last Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as a receiver, making it the largest collapse since Washington Mutual went bust during the financial crisis of 2008.

SVB was forced to sell a portfolio of treasuries and mortgage-backed securities to Goldman Sachs at a $1.8 billion loss after a rise in yields eroded value.

To plug that hole, it attempted to raise $2.25 billion in common equity and preferred convertible stock but spooked clients pulled out deposits that led to $42 billion of outflows in a day.

Earlier this week, the company said it was planning to explore strategic alternatives for its businesses including the holding company, SVB Capital and SVB Securities.

SVB Securities and SVB Capital’s funds and general partner entities are not included in the Chapter 11 filing, the company said on Friday, adding it planned to proceed with the process to evaluate alternatives for the businesses, as well its other assets and investments.

Reuters reported on Wednesday that the parent company was exploring seeking bankruptcy protection to sell its assets.

The company said on Friday it has about $2.2 billion of liquidity. It had $209 billion in assets at the end of last year.



Source link

Tags: BankingBankruptcyFinancialPersistsProtectionSeeksSVBTurmoil
Brand Post

Brand Post

Related Posts

National

Four Ways For Car Buyers To Survive The Interest-rate Crunch

March 23, 2023
National

Scientists Explain Mystery Behind Interstellar Object Oumuamua’s Acceleration —It Isn’t Because Of Aliens

March 23, 2023
National

‘American Idol’ Contestant Sara Beth Liebe Reacts To Katy Perry’s Unkind Joke, ‘Mom-Shaming’ During Audition

March 23, 2023
Next Post

Cyclone Freddy Affects 500,000 People In Malawi: UN

'I'M BACK': Trump Returns To Facebook, YouTube After Ban Lifted

New Zealand To Ban TikTok On Devices Linked To Parliament, Cites Security Concerns

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

  • 86.7k Followers

Recommended

Air France Pilots Suspended After Mid-Air Altercation in Cockpit

7 months ago

Fitness Millionaire Ferhat Kacmaz enters the Crypto & NFT Market with a revolutionary system.

8 months ago

Renton Shooting: One Dead, Several Injured As Multiple Gunmen Fire 100 Shots Near Chase Bank

8 months ago

Disney+ In Hong Kong Drops ‘Simpsons’ Episode With ‘Forced Labour’ Mention

1 month ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Business
  • Culture
  • Lifestyle
  • National
  • News
  • Politics
  • Sports
  • Travel
  • Uncategorized
  • World

Topics

Arrested Attack Bank biden billion china Court Covid Crypto Cup Day Dead Deal Death details Dies Harry Home India inflation Killed Man million musk Oil Police Prince Report Russia Russian Set Shares Shows South Star Top Trump twitter Ukraine video War WATCH Woman World Years
No Result
View All Result

Highlights

‘American Idol’ Contestant Sara Beth Liebe Reacts To Katy Perry’s Unkind Joke, ‘Mom-Shaming’ During Audition

French Unions Dig In After Macron Defends Pension Reform

France-Germany Tensions Loom Over EU Leaders’ Summit

Russian Official Warns ‘Nuclear Apocalypse’ Is ‘Closer,’ Threat ‘Increased’ As Ukraine Receives More Ammo

Dollar Slips As Fed Outlook Shifts

North Korea Doesn’t Appear Poised For Imminent Nuclear Test, U.S. Official Says

Trending

National

Four Ways For Car Buyers To Survive The Interest-rate Crunch

by Brand Post
March 23, 2023
0

Vehicles of automobile brands belonging to General Motors Company are seen at a car dealership in Queens,...

How Did Wayne Swinny Die? Guitarist and Founding Member of Saliva Dies After Suffering Brain Hemorrhage While on Tour

March 23, 2023

Scientists Explain Mystery Behind Interstellar Object Oumuamua’s Acceleration —It Isn’t Because Of Aliens

March 23, 2023

‘American Idol’ Contestant Sara Beth Liebe Reacts To Katy Perry’s Unkind Joke, ‘Mom-Shaming’ During Audition

March 23, 2023

French Unions Dig In After Macron Defends Pension Reform

March 23, 2023

ABOUT US

International Business Weekly is an American entertainment magazine. We cover business News & feature exclusive interviews with many notable figures

Copyright © 2022 - International Business Weekly

  • About
  • Advertise
  • Careers
  • Contact

No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel

Copyright © 2022 - International Business Weekly by Services4Websites