The turmoil unleashed by the Silicon Valley Bank collapse demolished much of what the Federal Reserve, political leaders and investors thought they had learned from the 2007-09 global financial crisis. They assumed that complex securities, too-big-to-fail banks, and obscure, poorly regulated lenders were the weak links in the system. Instead, the weak links were its … Read more
As of 4 p.m. ET, the Dow Jones Industrial Average added about 380 points, or 1.2%, and the S&P 500 rose 0.9%. The technology-focused Nasdaq Composite climbed 0.4%. The indices fell on Friday but have been relatively insulated from the banking crisis so far. Authorities sought to stem a dangerous decline in confidence in the … Read more
Amazon.co.uk Inc. said it would cut 9,000 more jobs from the companies, including its profitable cloud computing and advertising businesses, a sign that the company’s cost-cutting is spreading to all aspects of its operations as tech giants continue to cut spending. Chief Executive Andy Jassy said in a statement that the company had recruited a … Read more
WASHINGTON — The Federal Reserve raised concerns about risk management at Silicon Valley Bank at least four years before its failure earlier this month, documents show. In January 2019, the Fed issued a warning to SVB SIVB -60.41% on its risk management systems, according to a presentation released last year to employees of SVB’s venture … Read more
General dollar Corp. CEO -2.96% plans to invest an additional $100 million in its stores, mostly in staffing, as it seeks to attract more shoppers looking for bargains from rivals. Chief executive Jeff Owen said on Thursday that the investment in additional working hours should build on its continued sales growth and capture market share … Read more
Meta Platforms, parent company of Facebook Inc. created a tool to predict the structure of hundreds of millions of proteins using artificial intelligence. Researchers say promises to deepen scientists’ understanding of biology, and perhaps accelerate the discovery of new drugs. Meta’s research arm, Meta AI, used the new AI-based computer program known as ESMFold to … Read more
The largest banks in the United States, including JPMorgan Chase JPM 1.64% & Co., discuss a joint bailout of First Republic Bank FRC -21.14% that could include a major injection of capital to prop up the beleaguered lender, people familiar with the matter said. JPMorgan works with Citigroup Inc., VS 0.92% Bank of America Corp. … Read more
What if it… works? What if everything went as planned? What if Aaron Rodgers jumped aboard the crazy New York Jets train and succeeded where Richard Todd, Ken O’Brien, Boomer Esiason, Frank Reich, Neil O’Donnell, Vinny Testaverde, Ray Lucas, Chad Pennington, Brooks Bollinger, Rick Mirer, Brett Favre (!), Mark Sanchez, Geno Smith, Ryan Fitzpatrick, Josh … Read more
Donald Trump signs the Economic Growth, Regulatory Relief and Consumer Protection Act at the White House, May 24, 2018. Photo: Andrew Harrer/Bloomberg News Many in Washington blame the collapse of Silicon Valley Bank and the widespread loss of confidence in the banking system on Trump-era changes in which banks are considered “systemically important” and therefore … Read more
Silicon Valley Bank executives went to Goldman Sachs Group Inc. GS -3.09% end of February looking for advice: they needed to fundraise, but weren’t sure how to do it. Soaring interest rates had weighed heavily on the bank. Deposits and the value of the bank’s bond portfolio had fallen sharply. Moody’s Investors Service was preparing … Read more
