‘Meme stock in reverse’: SVB collapse portends new era of viral bank runs

SVB’s demise gave the banking sector a glimpse into how social media and digital banking can turn a financial institution from operational to insolvent in a matter of hours.

By Anna Hrushka • March 15, 2023

Failed Signature Bank had a deep reach in the NYC rental market

The lender funded approximately 3,000 apartment buildings in the city, according to one source.

By Leslie Shaver • March 14, 2023

Explore the Trendline➔

The Banking Dive Outlook on 2023

Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector in 2023.

By Banking Dive staff

Signature Bank faces investor lawsuit in aftermath of its closure

A complaint takes aim in large part at a press release the bank released three days before its closure, in which it indicated it was in strong financial position.

By Lyle Moran • March 14, 2023

Credit Suisse chair forgoes pay as bank reports ‘material weakness’

Share compensation for Chair Axel Lehmann, however, will be increased from 33% to 50%, according to a Tuesday filing with the SEC.

By Rajashree Chakravarty • March 14, 2023

Regional banks begin to bounce back after trickle-down panic

Volatility halts trading twice at First Republic. A dip at First Horizon raises questions about the impending TD merger. And the four biggest banks may come out winners as customers move deposits.

By Dan Ennis • March 14, 2023

Silicon Valley Bank investors sue collapsed firm’s CEO, CFO

The proposed class action alleges the failed bank, CEO Greg Becker and CFO Daniel Beck concealed from investors the impact that high interest rates would have on the tech-focused firm’s business.

By Anna Hrushka • March 14, 2023

HSBC buys UK arm of SVB for symbolic £1

“Deposits will be protected, with no taxpayer support,” Jeremy Hunt, Britain’s finance minister, tweeted Monday.

By Rajashree Chakravarty • March 13, 2023

Biden: SVB, Signature customers can ‘rest assured’

Investors and certain debt holders, unlike depositors, will not be protected, President Joe Biden said.

By Gabrielle Saulsbery • March 13, 2023

Signature Bank closed by NY regulator

Business clients pulled deposits Friday after the crumbling of fellow crypto-friendly Silicon Valley Bank. An auction for Signature's assets could begin Monday.

By Dan Ennis • March 13, 2023

Ex-Goldman banker Ng sentenced to 10 years in 1MDB case

Prosecutors last week recommended a 15-year prison term.

By Gabrielle Saulsbery • March 10, 2023

Regulators take over Silicon Valley Bank

The California Department of Financial Protection and Innovation closed the embattled bank and appointed the FDIC as receiver, regulators said Friday.

By Anna Hrushka • March 10, 2023

Citi alum Ray McGuire joins Lazard as president

The move will reunite the former Citi vice chair with Peter Orszag, the ex-Citi dealmaker serving as CEO of Lazard's financial advisory business.

By Rajashree Chakravarty • March 9, 2023

WaFd fintech spinoff Archway launches after $15M funding round

“We’re trying to close that digital divide so the community and regional banks can really foster those relationships without making them sacrifice the technology side,” said Dustin Hubbard, Archway’s president.

By Gabrielle Saulsbery • March 8, 2023

Ex-Fifth Third CEO Carmichael to retire from bank’s board

The move comes just nine months after Carmichael stepped down as CEO. Fifth Third’s board is shrinking, the bank said, making it unlikely that relatively new CEO Tim Spence will get a seat yet.

By Dan Ennis • March 7, 2023

Bank of America misled PPP borrowers, lawsuit alleges

The bank failed to tell borrowers that contractors had a separate means of applying for PPP support, and told firms to apply for higher loan amounts than the SBA would forgive, three small businesses said.

By Anna Hrushka • March 7, 2023

Prosecutors eye 15-year sentence for ex-Goldman banker Ng

Sentencing is Thursday for Ng, who was convicted last April on 1MDB-related charges. He told the judge last month he thinks time served is sufficient.

By Dan Ennis • March 6, 2023

Banking technology provider Amount cuts 25% of staff

The Chicago-based fintech, which was valued at $1 billion in 2021, has initiated its second round of layoffs in less than a year.

By Anna Hrushka • March 6, 2023

Silvergate closes its crypto payments network

The abrupt closure follows an exodus of Silvergate partners and the bank's acknowledgment that it may be “less than well-capitalized.”

By Gabrielle Saulsbery • March 6, 2023

Citi to cut hundreds of investment banking, mortgage, tech jobs: reports

The cuts represent less than 1% of the bank’s headcount, people familiar with the matter told Bloomberg and Reuters.

By Dan Ennis • March 3, 2023

JPMorgan decries ‘fishing expedition’ in Epstein case

Lawyers for the bank agreed, however, to find a date this month for a deposition of Mary Erdoes, JPMorgan’s asset and wealth management chief.

By Dan Ennis • March 2, 2023

Partners drop Silvergate amid delays, financial review

Coinbase, Paxos and others reconsider their relationship with the crypto-heavy bank after it delays filing its 10-K document as an audit wraps up.

By Gabrielle Saulsbery • March 2, 2023

First Fidelity Bank enters BaaS space with Episode Six partnership

Unifimoney, a San Francisco-based multi-asset digital wealth management platform, is the first customer to go live with the new BaaS solution.

By Rajashree Chakravarty • March 1, 2023

First Horizon warns TD deal may be in limbo

The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. That could fuel analysts’ questions at TD’s earnings call Thursday.

By Dan Ennis • March 1, 2023

Black banks have dwindled in number, but a new one’s coming

Redemption Holding Co. purchased Utah-based Holladay Bank and Trust. Pending regulatory approval, it'll be one of 17 Black-owned banks.

By Gabrielle Saulsbery • March 1, 2023

Goldman pins its hopes on asset and wealth management

The bank is “considering strategic alternatives” to its consumer business, CEO David Solomon said at Goldman's investor day, without elaborating.

By Dan Ennis • Feb. 28, 2023