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The collapse had sparked fears of contagion, prompting US authorities to unveil emergency measures to fortify the industry

First Republic Bank shares dive on 40% drop in deposits

The collapse of Silicon Valley bank and Signature bank sparked fears of contagion, prompting US authorities to unveil emergency measures to fortify the industry

First Republic Bank said Monday that it lost more than 40 percent of its deposits in the first quarter this year, but added that the situation has stabilized since late March.
Its shares fell more than 20 percent in after-hours trading, following its first earnings report since the dramatic failures of Silicon Valley Bank (SVB) and Signature Bank last month shone a spotlight on regional lenders and their vulnerabilities.
The collapse had sparked fears of contagion, prompting US authorities to unveil emergency measures to fortify the industry.
First Republic -- which announced a major employee downsizing to cut costs -- reported deposits of $104.5 billion at the end of March, a drop of nearly $72 billion from the level at end-2022.
"Deposit activity began to stabilize the week of March 27 and has remained stable through April 21," the bank said Monday.
"Total deposits were $102.7 billion as of April 21, 2023, down only 1.7 percent from March 31, 2023," it added.
The bank said this primarily reflected seasonal client tax payments that occur each April.
Like SVB, First Republic held a large percentage of uninsured deposits that are considered more prone to bank runs.
Regional banks have been under pressure since SVB's collapse, with midsized lenders like Comerica and KeyCorp last week signaling a weakening profit outlook as they lift interest payments to secure deposits.
First Republic has benefited from a number of emergency steps by regulators and other lenders, especially a $30 billion infusion of funds announced in mid-March from a consortium of 11 US private banks, including Bank of America and JPMorgan Chase.
On Monday, First Republic announced cost-cutting steps including a 20 percent to 25 percent reduction in its workforce, the condensing corporate office space and "significant" cuts in executive compensation.
The bank is also "pursuing strategic options to expedite its progress while reinforcing its capital position," First Republic said.

Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on crypto regulation in India  

Will US' Silicon Valley Bank failure impact Indian startups and entrepreneurs?

Exclusive interview with Rajeev Chandrasekhar| What is the future of cryptocurrencies in India? 

Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on crypto regulation in India&nbsp;&nbsp;

With cryptos back in the news and Bitcoin rallying nearly 70% so far this year, Editorji's Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on the future of crypto regulation in India, in this exclusive conversation. Listen in to what he had to say.&nbsp; &nbsp;

Yellen, in an excerpt of remarks prepared for delivery to the American Bankers Association on Tuesday, says that overall “the situation is stabilising." "And the U.S. banking system remains sound,”

US banking stabilizing, may intervene more if needed: Treasury Secretary Janet Yellen

U.S Treasury Secretary, Janet Yellen, said that the overall &ldquo;the situation is stabilising", with respect to the banking crisis, adding that the U.S. banking system remains sound.&nbsp;

Treasury Secretary Janet Yellen is trying project calm after regional bank failures, saying the U.S. banking system is &ldquo;sound&rdquo; but additional rescue arrangements &ldquo;could be warranted&rdquo; if any new failures at smaller institutions pose a risk to financial stability.
Yellen, in an excerpt of remarks prepared for delivery to the American Bankers Association on Tuesday, says that overall &ldquo;the situation is stabilising." "And the U.S. banking system remains sound,&rdquo; Yellen says.
Yellen's remarks come after a series of troubling bank developments this month.
Silicon Valley Bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid anxiety over the bank's health. It was the second-largest bank collapse in U.S. history. Regulators convened over the following weekend and announced that New York-based Signature Bank also had failed.
They said that all depositors at both banks, including those holding uninsured funds, those exceeding USD 250,000, would be protected by federal deposit insurance.
And last week a third bank, San Francisco-based First Republic Bank, was fortified by USD 30 billion in funds raised by 11 of the biggest U.S. banks in an attempt to prevent it from collapsing.
The government is now determined to restore public confidence in the banking system and to prevent any more turmoil. The Justice Department and the Securities and Exchange Commission have launched investigations into the Silicon Valley Bank collapse, and President Joe Biden has called on Congress to strengthen rules on regional banks and to impose tougher penalties on executives of failed banks.
Yellen, in her prepared remarks, says the government's intervention was necessary to &ldquo;protect the broader banking system" and more rescue efforts could be necessary.

SVB collapse: US lender's parent firm files for bankruptcy protection

The parent of Silicon Valley Bank, seized last week by the US, is filing for Chapter 11 bankruptcy protection.

Nearly a week after its collapse, the parent firm of the US lender Silicon Valley Bank has filed for bankruptcy protection to seek buyers for its assests.&nbsp;
The move comes as an emergency measure after the US authorities seized the bank's assets following a run on deposits earlier this month.
The parent of Silicon Valley Bank, seized last week by the US, is filing for Chapter 11 bankruptcy protection.
SVB Financial Group, along with its CEO and its chief financial officer, were targeted this week in a class action lawsuit that claims the company didn't disclose the risks that future interest rate increases would have on its business.
SVB Financial Group is no longer affiliated with Silicon Valley Bank after its seizure by the Federal Deposit Insurance Corp.
The bank's successor, Silicon Valley Bridge Bank, is being run under the jurisdiction of the FDIC and is not included in the Chapter 11 filing.
SVB Financial Group believes it has approximately USD 2.2 billion of liquidity.&nbsp;

Silicon Valley bank shut down: a look at biggest banking failures since 2008

Silicon Valley bank shut down: a look at biggest banking failures since 2008

US regulators shuttered Silicon Valley Bank (SVB) on Friday and took control of its deposits, in what amounts to the biggest retail banking failure since the global financial crisis.
The move follows a dramatic 48 hours that saw the high-tech lender's share price plummet amid a run on deposits by concerned customers.
Below are some of the biggest retail banking failures, ranked by the value of their assets when they collapsed:
- HBOS (United Kingdom), on 09/17/2008 (Around $811 billion)
- Washington Mutual (United States), on 09/25/2008 ($307 billion)
- Silicon Valley Bank (United States), on 03/10/2023 ($209 billion)
- Sachsen LB (Germany), on 08/26/2007 (Around $92 billion)
- Bradford &amp; Bingley (United Kingdom), on 09/29/2008 (Around $63 billion)
- IndyMac (United States), on 07/11/2008 ($32 billion)
In addition, the global financial crisis also saw the failure of a number of corporate and investment banks, marked by the dramatic bankruptcy of Lehman Brothers on September 15, 2008.
Its assets at the time were worth $639 billion.
Also Watch:<a href="https://www.editorji.com/business-news/markets/global-financial-rout-erupts-after-silicon-valley-bank-seized-by-us-regulator-1678504139632"> Silicon Valley Bank collapses, largest retail bank failure since 2008</a>

The massive shock waves sent by the failure of three smaller banks undermined trust in the security of local lenders. This resulted in people turning towards larger banks like Bank of America, which took in more than $15 billion in new deposits.

SVB collapse brings $15 billion in deposits to BofA

The massive shock waves sent by the failure of three smaller banks undermined trust in the security of local lenders. This resulted in people turning towards larger banks like Bank of America, which took in more than $15 billion in new deposits.

Bank of America has been making handsome gains from the collapse of three smaller banks, after SVB collapse BofA got more than $15 billion in new deposits. This is largely due to public loosing trust in local banks and reaching out to big banks.&nbsp;
Chain of bank failuers compelled the Biden administration to implement novel, exceptional measures to strengthen public confidence in the banking system. In the past week, the authorities shut down the New York-based Signature Bank on Sunday and the cryptocurrency-focused bank Silvergate Capital Inc. closed its doors.
Some other banks that made huge profits were JPMorgan Chase &amp; Co., Citigroup Inc. and Wells Fargo &amp; Co. but they have not yet disclosed the exact amount they recived in deposits.

The Silicon Valley Bank collapsed within a period of two days. Here's the sequence of events that led to the largest banking collapse since 2008 

Silicon Valley Bank Collapse: The timeline & how it happened

The Silicon Valley Bank collapsed within a period of two days. Here's the sequence of events that led to the largest banking collapse since 2008&nbsp;

Its perhaps the biggest bank failure since the Global Financial Crisis of 2008. The Silicon Valley Bank (SVB) collapse has sent shockwaves across the globe and has far-reaching ramifications.
So, how did one of the biggest banking collapses in the history of the U.S actually happen?
Silicon Valley Bank amassed huge deposits in 2021. As per the Federal Deposit Insurance Corporation, SVB had over $175 billion in deposits as of December 31st 2022 and over $200 billion in total assets.
SVB invested heavily in bonds which were being issued when interest rates were very low due to the covid pandemic. As per reports, SVB&rsquo;s balance sheet for 2022-end showed $91.3 billion of securities.&nbsp; But, as the world emerged out of the pandemic, inflation reared its head, soaring to 8.2% in October 2022. This was the highest inflation that the U.S had seen in over 4 decades. In response, the Federal Reserve began raising interest rates. Fed Chairman, Jerome Powell, made it very clear, that interest rates had to go up, to clamp down on inflation.&nbsp;
As a result of rising interest rates, the value of SVB's bond holdings, which were issued at lower rates, began falling. At the same time, many startups, who were the bank&rsquo;s customers, began withdrawing deposits to survive, amid a funding crunch. As a result, SVB was forced to sell whatever bonds it could, at a loss. On Wednesday, 8th of March, SVB sold $21 billion worth of bond assets at a loss of $1.8 billion. The bank also announced that it was conducting a capital raise. Despite this announcement, there was a wave of withdrawals from the bank.&nbsp;
Meanwhile, on the 8th of March, crypto-focussed lender &ndash; Silvergate bank said it planned to wind down operations and liquidate because of heavy losses following the collapse of crypto exchange FTX. This caused another wave of fresh withdrawals on Thursday followed by the SVB stock in a downward spiral, crashing over 60%.&nbsp;
As per a regulatory filing, SVB had a negative cash balance of $958 million at the end of business on 9th of March. The filing also said that &ldquo;despite the bank being in sound financial condition prior to March 9th, investors and depositors reacted by withdrawing $42 billion of deposits, causing a run on the bank&rdquo;. This massive withdrawal, led to the bank becoming insolvent and unable to payoff its obligations.
On Friday, March 10th, Federal Deposit Insurance Corporation (FDIC) announced that SVB &ldquo;was closed today by the California Department of Protection and Innovation, which appointed the FDIC as receiver&rdquo;. FDIC also said that all insured depositors would have full access to their deposits until Monday, March 13th. However, the insured deposits have a cap of $250,000. Anyone who has over $250,000 in their accounts are required to call a toll-free number. Going forward, FDIC will oversee the sale of the assets of SVB. The uninsured depositors will be paid dividends from the asset sale.&nbsp;

Moody's says that rated banks in APAC structurally have stable funding and ample liquidity and that they are mostly funded with customer deposits, while their market borrowings are modest 

U.S banking crisis to have limited impact on banks in India, Asia 

Moody's says that rated banks in APAC structurally have stable funding and ample liquidity and that they are mostly funded with customer deposits, while their market borrowings are modest&nbsp;

The impact of the Silicon Valley Bank and Signature Bank collapse in the U.S is likely to be limited as financial institutions in India as well as the Asia-Pacific, as per ratings agency Moody's. &nbsp;
"Most APAC institutions are not exposed to the failed US banks, and only a handful of institutions has immaterial exposures. Finally, most institutions are not as susceptible to large losses from debt security holdings as Silicon Valley Bank was," Moody's said.
The US-based rating agency said rated banks in APAC structurally have stable funding and ample liquidity and that they are mostly funded with customer deposits, while their market borrowings are modest at about 16% of their total assets on average.
Their business depositors are well diversified across different sectors, with no rated bank in the region being heavily exposed to technology companies. Also, APAC banks' deposits are generally not heavily concentrated on single clients.
The ratings agency also said Indian banks have faced strenuous challenges in the past decade, but their funding and liquidity have held up strongly and have been a key factor supporting their overall credit strength.
The Moody's report adds, "most institutions are not as susceptible to large losses from debt security holdings as Silicon Valley Bank was. The second order impact of the US bank failures is still developing and bear close watching."
On March 12, 2023, US regulators closed Signature Bank, just two days after shutting Silicon Valley Bank, following mass withdrawals of customer deposits.

Shareholders filed a lawsuit against SVB Financial Group and two of its senior executives on Monday. It was the first of numerous lawsuits that are almost certainly going to be filed regarding the failure of Silicon Valley Bank.

Silicon Valley Bank CEO, CFO sued by shareholders for fraud

Shareholders filed a lawsuit against SVB Financial Group and two of its senior executives on Monday. It was the first of numerous lawsuits that are almost certainly going to be filed regarding the failure of Silicon Valley Bank.

Shareholders of Silicon Valley Bank have filed a lawsuit against SVB Financial Group and two of its top executives CEO, CFO Greg Becker &amp; Daniel Beckon the grounds that they failed to disclose how rising interest rates would make its Silicon Valley Bank subsidiary, which failed last week, "particularly susceptible" to a bank run.
Before its closure, Silicon Valley Bank had an estimated $209 billion in assets and $175.4 billion in deposits, But the bank surprised the depositors and investors by announcing an after-tax loss from investment sales of $1.8 billion and that it intended to raise capital.
The lawsuit that has been filed primarily demands unspecified damages for investors between the time period of June 16, 2021, and March 10, 2023. SVB declared on Monday that it will investigate and curate strategic options for the company's remaining operations after the removal of its primary banking division.
In the industry other lenders that have a wealthy clientele feared a ripple effect in the industry of deposit withdrawal. These included big regional banks, venture capital-backed businesses, and technology start-ups.&nbsp;

To strengthen public confidence in the country’s banking system, the Biden administration announced that depositors of the failed Silicon Valley Bank will have access to their money from today

Silicon Valley Bank depositors will have access to their Money from Today

To strengthen public confidence in the country&rsquo;s banking system, the Biden administration announced that depositors of the failed Silicon Valley Bank will have access to their money from today

In a step aimed at protecting the US economy by strengthening public confidence in the country&rsquo;s banking system, the Biden administration has announced that depositors of the failed Silicon Valley Bank will have access to their money from Monday.
&ldquo;The depositors will have access to all their money starting Monday, that is, March 13. No losses associated with the resolution of the Silicon Valley Bank (SVB) will be borne by the taxpayer,&rdquo; said a joint statement by FDIC, Federal Reserve and Department of Treasury.&nbsp; According to the interagency federal statement, shareholders and certain unsecured debt holders, however, will not be protected.
After receiving recommendations from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, and consulting with the president, Treasury Secretary Janet Yellen on Sunday approved actions enabling the FDIC to complete its resolution of the Santa Clara, California-based Silicon Valley Bank (SVB) in a manner that fully protects all depositors, an official statement said.
California-based Silicon Valley Bank, the 16th largest bank in the United States, was closed on Friday by the California Department of Financial Protection and Innovation which later appointed the FDIC as its receiver.
SVB was deeply entrenched in the tech startup ecosystem and the default bank for many high-flying startups; its abrupt fall marked one of the largest bank failures since the 2008 global financial crisis.
According to the interagency federal statement, shareholders and certain unsecured debt holders, however, will not be protected

The collapse of the Silicon Valley Bank could have repercussions for Indian startups too. Several Indian startups have higher deposits in SVB, than what is insured by the Federal Deposit Insurance Corporation.

Silicon Valley Bank collapse: Impact on Indian startups 

The collapse of the Silicon Valley Bank could have repercussions for Indian startups too. Several Indian startups have higher deposits in SVB, than what is insured by the Federal Deposit Insurance Corporation.

The collapse of Silicon Valley Bank (SVB) has sent shockwaves across the globe. One of the biggest bank failures since the 2008 global financial crisis, the collapse of SVB has far-reaching ramifications. This includes a significant impact on the Indian startup ecosystem.&nbsp;
SVB has been one of the preferred bank of startups and venture capitalists globally. Several Indian startups have exposure to the bank. In fact a large number of Indian startups, especially in the SaaS sector that services U.S clients, have accounts and deposits at the bank. Reports say that Indian startups have over $250,000 parked at SVB, this is more than what is insured by the Federal Deposit Insurance Corporation (FDIC).&nbsp;
"All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023", said FDIC in a statement that also asked customers with accounts that had over $250,000 to contact a toll-free number.&nbsp;
The other fallout of the SVB bank collapse will also impact the fundraising ability of Indian startups as the bank was a key source of funding for tech startups. As per reports, SVB has invested in several Indian firms including InMobi, Carewale, and Bluestone among others. For these companies, their raised funds could get stuck and lead to a cash crunch.
Also watch: <a href="https://www.editorji.com/business-news/markets/silicon-valley-bank-shut-down-a-look-at-biggest-banking-failures-since-2008-1678526214050">Silicon Valley Bank collapse: a look at biggest banking failures since 2008</a> A combination of all these factors will further exacerbate the rough weather and a funding crunch that Indian startups were already facing. In fact, in the last few months, Indian startups have already been cutting costs and announcing layoffs, a situation that may only worsen going forward.&nbsp;&nbsp;
As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits.&nbsp;
&nbsp;

Silicon Valley Bank seized by US regulator as depositors pull cash

The bank failed after depositors &mdash; mostly technology workers and venture capital-backed companies &mdash; began withdrawing their money creating a run on the bank.
&nbsp;
&nbsp;

The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis.
The bank failed after depositors &mdash; mostly technology workers and venture capital-backed companies &mdash; began withdrawing their money creating a run on the bank.
Silicon Valley was heavily exposed to tech industry and there is little chance of contagion in the banking sector as there was in the months leading up to the Great Recession more than a decade ago. Major banks have sufficient capital to avoid a similar situation.
The FDIC ordered the closure of Silicon Valley Bank and immediately took position of all deposits at the bank Friday. The bank had USD 209 billion in assets and USD 175.4 billion in deposits as the time of failure, the FDIC said in a statement. It was unclear how much of deposits was above the USD 250,000 insurance limit at the moment.
Notably, the FDIC did not announce a buyer of Silicon Valley's assets, which is typically when there's an orderly wind down of a bank. The FDIC also seized the bank's assets in the middle of the business day, a sign of how dire the situation had become.
Also Watch: <a href="https://www.editorji.com/business-news/cryptocurrency/crypto-meltdown-over-70-billion-wiped-off-crypto-market-in-24-hours-1678454540855">Crypto meltdown: Over $70 billion wiped off crypto market in 24 hours</a>

Aimed at stemming a devastating Covid-19 surge,&nbsp;Salesforce founder Marc Benioff said that the cloud software company is sending a Boeing 787 plane loaded with medical supplies next week.
&ldquo;Salesforce is loading a 787 with medical supplies and will land it in India next week. All of our hearts and prayers are with our brothers and sisters in India. May they all be protected, healed, &amp; blessed," said Benioff on Twitter on Thursday.
The company has already announced that it would be donating USD 1 million towards local partners focused on medical equipment sourcing, community isolation centres and creating vaccine awareness in India.

Salesforce to deploy medical supplies to ease India's ongoing Covid-19 crisis 

Joining the ranks of global tech giants providing aid to India during the covid&nbsp;crisis, cloud software firm&nbsp;Salesforce&nbsp;announced it is&nbsp;sending a Boeing 787 plane loaded with medical supplies next week.
&ldquo;Salesforce is loading a 787 with medical supplies and will land it in India next week. All of our hearts and prayers are with our brothers and sisters in India. May they all be protected, healed, &amp; blessed," said Salesforce founder Marc Benioff&nbsp;on Twitter
Focusing on the heightened demand for plasma donations throughout India, Salesforce&nbsp;has put in technology to connect employees &mdash; who may be donors or donees &ndash; to facilitate these conversations safely and securely, the Silicon Valley tech giant informed via a press release.&nbsp;

<ul>
<li>Salesforce&nbsp;Founder tweets , loading Boeing 787 with supplies</li>
<li>Salesforce&nbsp;to send medical aid to India</li>
<li>Marc Benioff: our hearts and prayers&nbsp;with everyone in India</li>
<li>Salesforce&nbsp;sets up system to connect plasma donors and donees</li>
</ul>

Joining the ranks of global tech giants providing aid to India during the covid&nbsp;crisis, cloud software firm&nbsp;Salesforce&nbsp;announced it is&nbsp;sending a Boeing 787 plane loaded with medical supplies next week.
&ldquo;Salesforce is loading a 787 with medical supplies and will land it in India next week. All of our hearts and prayers are with our brothers and sisters in India. May they all be protected, healed, &amp; blessed," said Salesforce founder Marc Benioff&nbsp;on Twitter
Focusing on the heightened demand for plasma donations throughout India, Salesforce&nbsp;has put in technology to connect employees &mdash; who may be donors or donees &ndash; to facilitate these conversations safely and securely, the Silicon Valley tech giant informed via a press release.&nbsp;

'You powered US growth': Biden woos Indian Americans

In a bid to woo Indian-Americans ahead of the November elections, Democratic presidential candidate Joe Biden has praised the community as the one that has powered the economic growth of the US

In a bid to woo Indian-Americans ahead of the November elections, Democratic presidential candidate Joe Biden has praised the community as the one that has powered the economic growth of the US. Biden added that the Indian Americans have helped forge cultural dynamism in the country. Addressing a national virtual fundraiser organised by Indian Americans, Biden assured the community members and the mega donors that as a president, he would address their concerns with regard to H-1B visa and legal immigrants that attract the best and the brightest to the US.

Washington, PTI: Indian-Americans, with their hard work and entrepreneurship, have powered the economic growth of the United States and helped forge cultural dynamism in the country, Democratic presidential candidate and former vice president Joe Biden said on Tuesday. Addressing a national virtual fundraiser organised by Indian Americans, Biden assured the community members and the mega donors that as a president, he would address their concerns with regard to H-1B visa and legal immigrants that attract the best and the brightest to the US.
Think about what this community has done for the country, he said.
Entrepreneurs running businesses around the country and around the world, innovators who make the foundation for Silicon Valley and lead some of the most influential companies in the world come from the community, the former vice president said.
"You have helped forge an economic and cultural dynamism in this country. That is a continuation of who we are, we are a nation of immigrants," Biden said.
Hitting out at President Donald Trump, he said all the harmful actions on H-1B, racial injustice or climate crisis are a common threat. "This president makes things worse, not better," Biden added.
It makes parents wonder whether their kids will have the kind of future they dreamed of when they came here, he said.
"As president, I promise I am going to draw on the best, not the worst, beat this pandemic and build the economy back, help our kids get a good education and make sure healthcare is a right not a privilege, and build an immigration system that powers our economy and reflects our values," Biden said.
"We do not talk enough about how the Indian American community has powered our economic growth," the former vice president said in his address to the virtual fundraiser, which according to his spokesperson Remi Yamamoto was attended by 268 people.
Highly appreciative of the cultural, social and family values of Indian Americans, Biden said that is why he values the Indian American Diaspora so much.

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