First Republic Bank Executives Sold $12 Million in Stock in Months Before Crash
Ben Foldy and Tom McGinty, The Wall Street Journal
Insider sales at the bank are exempt from normal disclosure rules.
Silicon Valley Bank’s Distress Wasn’t Reflected in Credit Ratings
Matt Grossman and Eric Wallerstein, The Wall Street Journal
Ratings firms gave high marks to regional banks shortly before failures.
SVB Hunts for a Buyer After Tense, Dragged-Out FDIC Sale Failed
Saleha Mohsin et al., Bloomberg
The effort to wind down Silicon Valley Bank was marred by an unmotivated seller, infighting between regulators and, ultimately, a failed auction.
Credit Suisse sued by U.S. shareholders over finances, controls
U.S. shareholders of Credit Suisse Group AG sued the Swiss bank on Thursday, claiming that the bank defrauded them by concealing problems with its finances.
UBS, Credit Suisse Oppose Idea of Forced Tie-Up
Dinesh Nair et al., Bloomberg
UBS Group AG and Credit Suisse Group AG are opposed to a forced combination, even as scenario planning for a government-orchestrated tie-up continues, according to people with knowledge of the matter.
‘An untenable equity story’: what’s next for Credit Suisse?
Owen Walker, Financial Times
The bank’s liquidity is not its fundamental problem, rather its business model is unprofitable
Credit Suisse Got Its Lifeline. Now It Must Win Back Clients
Marion Halftermeyer et al., Bloomberg
The $54 billion lifeline won by Credit Suisse Group AG on Thursday gives it a fighting chance to rebuild its business. Some clients aren’t waiting around to find out how that goes.
Peter Thiel is swearing he kept $50 million of his personal fortune at SVB while his Founders Fund bailed on the bank
Tristan Bove, Fortune
Peter Thiel’s Founders Fund was one of the first venture capital firms to take action and urge clients to quickly withdraw funds from Silicon Valley Bank last week. The firm had reportedly removed all of its own holdings in SVB by Thursday morning, just as panic over the bank’s solvency began to set in on social media, from which it devolved into a historic $42 billion bank run on Friday that collapsed SVB.
What’s wrong with the banks
Only ten days ago you might have thought that the banks had been fixed after the nightmare of the financial crisis in 2007-09. Now it is clear that they still have the power to cause a heart-stopping scare.
Former JPMorgan Executive Staley to Face Deposition on Epstein
Ava Benny-Morrison, Bloomberg
Former JPMorgan Chase & Co. executive Jes Staley faces a two-day deposition about his relationship with Jeffrey Epstein and what he knew about the late financier’s prolific sex-trafficking operation.