Credit Suisse woes mount as shares fall on discovery of ‘material weaknesses’ in financial reporting controls March 14, 2023 Credit Suisse’s shares continued to slide after it found “material weaknesses” in its financial reporting controls as it released its delayed annual report. The bank’s shares were trading 4.4 per cent lower on Tuesday morning at just CHF2.16. The embattled lender said its “internal control over financial reporting was not effective” for both 2021 and [...]
Silicon Valley Bank: US bosses sued for fraud as fallout from collapse begins March 14, 2023 The parent company of Silicon Valley Bank and two of its top bosses are being sued by shareholders who have accused them of hiding the lender’s vulnerabilities to the effects of rising interest rates.
Close Brothers profit takes a 90 per cent hit following £100m Novitas write off March 14, 2023 Close Brothers half year profit slumped as the bank set aside over £100m for bad loans relating to legal finance specialist Novitas. As a result of the provisions the London-based merchant bank’s adjusted operating profit fell 90 per cent to £12.6m during the six months ending January 2023. Close Brothers signalled to the market in [...]
Analysis: Silicon Valley Bank’s fall isn’t systemic – but there are lessons to learn March 14, 2023 The collapse of Silicon Valley Bank (SVB) should not pose a threat to wider financial stability in Europe, analysts argue, although it has thrown light on a series of issues that stakeholders will need to address. Amidst a slump in bank’s share prices following SVB’s collapse, regulators have been rushing to restore confidence to a [...]
Banks and insurers may not be ‘sufficiently capitalised’ for future climate-related losses, Bank of England reports March 13, 2023 The Bank of England said there was “uncertainty” over whether banks and insurers are “sufficiently capitalised” to deal with climate-related risks, but suggested there was not enough justification to increase their capital requirements at the moment. In a report published today, the Bank said climate risks create a challenge for regulators as the uncertainty surrounding [...]
“Project Yeti”: Inside the scramble to save Silicon Valley Bank UK March 13, 2023 “It’s going down to the wire.” That was the view of Coadec CEO Dom Hallas at 11pm on Sunday evening after hours of meetings had failed to produce a deal on the future of Silicon Valley Bank – with the tech industry warning it would be an existential threat to thousands of firms across the [...]
ISA season: Beat inflation with an IFISA March 13, 2023 | Sponsored With inflation still hovering around 10 per cent, savvy investors across the UK are searching for the most lucrative opportunities to protect their portfolios from eroding in real terms. As we head into ISA season, there is also the opportunity to enjoy tax-free earnings on your investments, giving consumers an additional boost during the cost-of-living [...]
Silicon Valley Bank triggers rout as HSBC, Lloyds and Natwest shares tumble March 13, 2023 Bank stocks slumped on both sides of the Atlantic today as the fall out of the Silicon Valley Bank crisis spooked investors. The sector has been plunged into turmoil since Friday as the full scale of the troubles at the start-up and venture capital focused lender became clear. American bank First Republic was among the [...]
Silicon Valley Bank: ‘Resuming normal operations’ after HSBC rescue swoop – Live March 13, 2023 HSBC’s move to snap up the stricken UK arm of Silicon Valley Bank has been hailed a “relief” for the UK’s tech firms today after nerves spread of contagion across sector over the weekend.
HSBC acquires SVB UK for £1 March 13, 2023 HSBC has announced it has acquired Silicon Valley Bank Limited UK for a pound, following a weekend of round-the-clock negotiations.