- Silicon Valley Bank (SVB) became the largest bank to fail since the 2008 financial crisis on Friday, roiling markets and leaving billions of dollars belonging to companies and investors stranded.
- The FDIC was trying to find another bank to merge with Silicon Valley Bank, but it was unclear if a deal was forthcoming.
- The US Federal Reserve and the FDIC were weighing the creation of a fund that would allow regulators to backstop more deposits at banks that run into trouble.
- Regional and smaller bank shares were hit hard on Friday and some banks could look to preemptively raise capital to fortify their balance sheets or try to strike deals of their own.
- UK finance minister Jeremy Hunt said he was working with the Bank of England to “avoid or minimise damage” resulting from the chaos that has engulfed the lender.
Reuters — Business — Banking — Finance — Monetary Policy — Regulation
Regulators urged to find Silicon Valley Bank buyer as industry frets about fallout
Some financial industry executives and investors were concerned on Saturday that the collapse of Silicon Valley Bank could have a domino effect on other US regional banks if regulators did not find a buyer. The Federal Deposit Insurance Corporation was trying to find another bank to merge with Silic