Brent Jabbour
More from Brent Jabbour
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First Citizens Bank scoops SVB, FDIC to take $20B hit on failure
Silicon Valley Bank deposits are no longer under federal control . On Sunday, March 26, the Federal Deposit Insurance Corporation announced that North Carolina-based First Citizens BancShares has acquired $56.5 billion in deposits and $72 billion in loans from Silicon Valley Bank. The regulatory agency estimates the collapse will cost its deposit insurance fund roughly… -
Deutsche Bank shares plunge as cost to insure against default spikes
Deutsche Bank is the latest financial institution to face significant pressure in March 2023, as its share price has fallen around 25% over the past month as of Friday, March 24. The harsh spotlight on Germany’s largest bank comes as the cost to insure the bank’s debt against default spiked to multi-year highs on Friday,… -
Can AI be sued? Here are 5 potential legal issues
Artificial intelligence is already the next big thing, from OpenAI’s ChatGPT to Google’s Bard AI. But as generative AI platforms increasingly get in the hands of everyday people, could the technology end up on the wrong side of a lawsuit? Here is the legal action threatening AI in this week’s Five For Friday. #5: Defamation… -
Fed forges on with rate hike despite bank collapses, turmoil
The Federal Reserve chose to forge ahead with another rate hike in March in spite of the banking industry facing significant pressure related to rapid hikes. Wednesday, March 22, the Federal Open Market Committee opted to raise the bank overnight lending rate another 25 basis points to a range of 4.75% to 5%, its highest… -
Former FDIC chair: A ‘mistake’ to guarantee 100% of deposits at banks
Fearing contagious bank runs around the country, the government is trying to assure Americans that money is safe in the bank, and not just the ones that are considered too big to fail. Treasury Secretary Janet Yellen clarified on Tuesday that the government could rescue smaller community banks if needed. “Our intervention was necessary to… -
Will federal regulators secure deposits at all failing banks like they did at SVB?
Treasury Secretary Janet Yellen attempted to assure banking institutions on Tuesday that the U.S. is prepared to step in and help smaller banks facing bank runs that pose the risk of contagion. It was a more direct sign of support than she gave in testimony to senators last week. One week ago, federal regulators took… -
Why are banks collapsing and is your money safe in the bank?
Since the swift collapse of Silicon Valley Bank, the entire banking system has been in turmoil. The news of failed and struggling banks has left millions of Americans with pressing questions. Some of the breakout searches on Google this past week include: What caused the banking crisis? Are we headed for a depression? Is my money… -
How Silicon Valley Bank collapsed in less than 48 hours
It took less than 48 hours for Silicon Valley Bank to fall from the preferred startup and venture capital bank with $200 billion in assets to being irreparable. Since its collapse and federal takeover, fears have spread throughout the global banking sector, leading to closures of other banks. The California bank was a bit of… -
Is your money safe in the bank after Silicon Valley Bank failure?
When Silicon Valley Bank collapsed, more than 90% of its accounts were uninsured. Federal regulators took extraordinary measures to secure customers’ uninsured deposits at both SVB and Signature Bank, but Treasury Secretary Janet Yellen has warned not all banks will get the same treatment. Yellen told senators that uninsured bank deposits would only be secured… -
Exclusive: Ex-Credit Suisse director says UBS deal could worsen bank contagion
As banking turmoil spreads around the world, over the weekend Switzerland’s largest bank agreed to buy its struggling rival, Credit Suisse, in a deal worth $3.25 billion. Credit Suisse has faced its share of troubles for years, but the stunning end to the 166-year-old institution is continuing to shake markets. Swiss authorities cut a deal… -
5 big names that banked with SVB before collapse, from Roblox to Roku
The collapse of Silicon Valley Bank caught some high-profile analysts off guard. The former 16th-largest bank in the nation may not have been a household name, but some household names banked there. The entire situation could have taken a toll on the tech sector, but thanks to U.S. regulators, depositors have already regained access to their… -
Google and Facebook could block news in Canada if Online News Act passes
Tech companies are threatening to pull news articles from their websites in Canada as legislation advances that would force them to pay news publishers for their content. Bill C-18, called the Online News Act, would mandate revenue-sharing agreements between Google, Facebook-parent-company Meta, and established news organizations. This week, Meta warned it would get out of… -
Consumer prices keep surging in February, annual inflation at 6%
Monthly consumer prices rose at the fast clip of 0.4% in February, easing slightly from the 0.5% increase in January, according to the latest data from the Bureau of Labor Statistics. The annual rate of inflation slowed to 6%, down from January’s 6.4%. February’s results were in line with expectations of economists polled by Dow…
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