The White House believes the US Federal Deposit Insurance Corporation (FDIC) needs a "fresh start" with new leadership free of the agency's long-standing cultural issues, a White House official said on Tuesday. This comes after FDIC Chair Martin Gruenberg announced his resignation amid a sexual harassment scandal.

Gruenberg, who has been involved in controversy for months, announced on Monday that he will step down after the Senate confirms a successor. His resignation could imperil upcoming bank capital increases and other major Wall Street rules championed by Democrats. With only six months until the presidential election in the United States, the Biden administration is under pressure to pick a replacement quickly to keep its financial reform agenda on track.

Insiders believe the White House will pick a female current federal employee to speed up the Senate approval process and fix the agency's corrosive culture. "If the White House announces a nominee tomorrow, the earliest we could expect a Senate floor vote would be September," writes Brian Gardner, Stifel Chief Washington Policy Strategist.

The administration is aware of the Senate's tight schedule and plans to bring a nominee to the Senate Banking Committee as soon as possible, according to the individual, who requested anonymity. Despite the crisis that erupted in November, Gruenberg, a Democrat, refused to retire. Gruenberg's decision appears to have been prompted by a statement issued Monday by Senate Banking Chair Sherrod Brown calling for fresh leadership.

The FDIC, a key bank regulator, is at a critical juncture as regional banks deal with persistent stress from last year's upheavals. The agency is also finalising significant new regulations for Wall Street banks, including capital increases. To replace Gruenberg without handing over control to Republicans, the Democratic-controlled Senate must confirm the new candidate.

A recent independent assessment revealed widespread misbehaviour at the FDIC that had gone unnoticed for years, citing occasions where Gruenberg, who had led the agency for over two decades, exhibited aggressive behaviour toward subordinates. This scandal, along with election uncertainties, may dissuade prospective candidates, analysts say.

Isaac Boltansky, BTIG's Director of Policy Research, raised concerns: "Finding a suitable candidate who can secure the necessary votes quickly, and whether that candidate would even be interested, is uncertain."

Potential nominees include Christy Goldsmith Romero of the Commodity Futures Trading Commission (CFTC), who is being re-nominated and may be quickly reassigned to the FDIC job, according to sources. Nellie Liang, Treasury Undersecretary for Domestic Finance, and Adrienne Harris, Superintendent of the New York State Department of Financial Services, are both considered good contenders, albeit Harris is not confirmed by the Senate.

Gruenberg, 71, is the FDIC's longest-standing board member, having joined the agency in 2005 and twice serving as chair. While he was not directly responsible for the agency's cultural concerns, he apologized for both misconduct during his term and his behaviour.

If Gruenberg steps down without a confirmed successor, leadership will fall back on Republican Vice Chair Travis Hill, resulting in a 2-2 gridlock that could postpone crucial regulatory changes indefinitely. These include Basel capital increases, long-term debt requirements for lenders, pay restrictions for bank executives and adjustments to bank merger policies.

White House Press Secretary Karine Jean-Pierre emphasized on Tuesday that President Biden is "taking this very seriously."

(With inputs from Reuters)

The White House believes the US Federal Deposit Insurance Corporation (FDIC) needs a "fresh start" with new leadership free of the agency's long-standing cultural issues, a White House official said on Tuesday.

The White House believes the US Federal Deposit Insurance Corporation (FDIC) needs a "fresh start" with new leadership free of the agency's long-standing cultural issues, a White House official said on Tuesday. This comes after FDIC Chair Martin Gruenberg announced his resignation amid a sexual harassment scandal. Gruenberg, who has been involved in controversy for months, announced on Monday that he will step down after the Senate confirms a successor. His resignation could imperil upcoming bank capital increases and other major Wall Street rules championed by Democrats. With only six months until the presidential election in the United States, the Biden administration is under pressure to pick a replacement quickly to keep its financial reform agenda on track. Insiders believe the White House will pick a female current federal employee to speed up the Senate approval process and fix the agency's corrosive culture. "If the White House announces a nominee tomorrow, the earliest we could expect a Senate floor vote would be September," writes Brian Gardner, Stifel Chief Washington Policy Strategist. The administration is aware of the Senate's tight schedule and plans to bring a nominee to the Senate Banking Committee as soon as possible, according to the individual, who requested anonymity. Despite the crisis that erupted in November, Gruenberg, a Democrat, refused to retire. Gruenberg's decision appears to have been prompted by a statement issued Monday by Senate Banking Chair Sherrod Brown calling for fresh leadership. The FDIC, a key bank regulator, is at a critical juncture as regional banks deal with persistent stress from last year's upheavals. The agency is also finalising significant new regulations for Wall Street banks, including capital increases. To replace Gruenberg without handing over control to Republicans, the Democratic-controlled Senate must confirm the new candidate. A recent independent assessment revealed widespread misbehaviour at the FDIC that had gone unnoticed for years, citing occasions where Gruenberg, who had led the agency for over two decades, exhibited aggressive behaviour toward subordinates. This scandal, along with election uncertainties, may dissuade prospective candidates, analysts say. Isaac Boltansky, BTIG's Director of Policy Research, raised concerns: "Finding a suitable candidate who can secure the necessary votes quickly, and whether that candidate would even be interested, is uncertain." Potential nominees include Christy Goldsmith Romero of the Commodity Futures Trading Commission (CFTC), who is being re-nominated and may be quickly reassigned to the FDIC job, according to sources. Nellie Liang, Treasury Undersecretary for Domestic Finance, and Adrienne Harris, Superintendent of the New York State Department of Financial Services, are both considered good contenders, albeit Harris is not confirmed by the Senate. Gruenberg, 71, is the FDIC's longest-standing board member, having joined the agency in 2005 and twice serving as chair. While he was not directly responsible for the agency's cultural concerns, he apologized for both misconduct during his term and his behaviour. If Gruenberg steps down without a confirmed successor, leadership will fall back on Republican Vice Chair Travis Hill, resulting in a 2-2 gridlock that could postpone crucial regulatory changes indefinitely. These include Basel capital increases, long-term debt requirements for lenders, pay restrictions for bank executives and adjustments to bank merger policies. White House Press Secretary Karine Jean-Pierre emphasized on Tuesday that President Biden is "taking this very seriously." (With inputs from Reuters)

White House calls for fresh start at FDIC amid sexual harassment scandal

Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation (FDIC), has initiated his resignation following the release of a negative report detailing pervasive sexual misconduct and a "patriarchal" culture at the organisation. <o:p></o:p>

Gruenberg, who has held various leadership roles at the FDIC since 2005, said that he would step down once a successor is appointed.<o:p></o:p>

"In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed," Gruenberg announced in a public statement. <o:p></o:p>

He said that he would continue his duties i the mean time, focusing exclusively on transforming the FDIC’s workplace environment.<o:p></o:p>

The independent report, which was commissioned in response to allegations made in a series of Wall Street Journal articles, uncovered a workplace rife with sexual harassment, discrimination, and other forms of misconduct. <o:p></o:p>

It highlighted a "widespread fear of retaliation" that discouraged employees from reporting such incidents and criticised the agency's management for inadequate and ineffective responses.<o:p></o:p>

Gruenberg's resignation was prompted by bipartisan calls for his departure, including from Senator Sherrod Brown, the leading Democrat on the Senate Banking Committee. <o:p></o:p>

"There must be fundamental changes at the FDIC," Brown stated. <o:p></o:p>

The report specifically noted that while Gruenberg's personal behaviour was not identified as the primary cause of the toxic environment, his management style contributed to the issues. <o:p></o:p>

Some employees described "deeply unsettling exchanges" with Gruenberg, characterising his demeanour as "harsh," "aggressive," and "upset".<o:p></o:p>

Responding to the turmoil, a White House spokesperson expressed gratitude for Gruenberg's willingness to remain at the helm until a new chair is confirmed. <o:p></o:p>

The spokesperson said that President Biden would make sure to appoint a successor who would uphold values of decency, integrity, and employee dignity at the FDIC shortly.<o:p></o:p>

(With inputs from AFP)<o:p></o:p>

Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation (FDIC), has initiated his resignation following the release of a negative report detailing pervasive sexual misconduct and a "patriarchal" culture at the organisation.

Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation (FDIC), has initiated his resignation following the release of a negative report detailing pervasive sexual misconduct and a "patriarchal" culture at the organisation. Gruenberg, who has held various leadership roles at the FDIC since 2005, said that he would step down once a successor is appointed. "In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed," Gruenberg announced in a public statement. He said that he would continue his duties i the mean time, focusing exclusively on transforming the FDIC’s workplace environment. The independent report, which was commissioned in response to allegations made in a series of Wall Street Journal articles, uncovered a workplace rife with sexual harassment, discrimination, and other forms of misconduct. It highlighted a "widespread fear of retaliation" that discouraged employees from reporting such incidents and criticised the agency's management for inadequate and ineffective responses. Gruenberg's resignation was prompted by bipartisan calls for his departure, including from Senator Sherrod Brown, the leading Democrat on the Senate Banking Committee. "There must be fundamental changes at the FDIC," Brown stated. The report specifically noted that while Gruenberg's personal behaviour was not identified as the primary cause of the toxic environment, his management style contributed to the issues. Some employees described "deeply unsettling exchanges" with Gruenberg, characterising his demeanour as "harsh," "aggressive," and "upset". Responding to the turmoil, a White House spokesperson expressed gratitude for Gruenberg's willingness to remain at the helm until a new chair is confirmed. The spokesperson said that President Biden would make sure to appoint a successor who would uphold values of decency, integrity, and employee dignity at the FDIC shortly. (With inputs from AFP)

Top US banking regulator resigns amid reports over toxic workplace culture

The Federal Deposit Insurance Corporation (FDIC) on Monday asked banks to amend their financial statements that “incorrectly” indicate uninsured deposits. The FDIC's warning comes after banks objected to a fee that was imposed with an intention to recover losses from the failures of Silicon Valley Bank and other firms.

The special fee, proposed by the FDIC in May, would be calculated in accordance to the amount of uninsured deposits held by banks at the end of 2022. The regulator did not take the name of any bank but said that certain banks were “not reporting estimated uninsured deposits in accordance with the instructions". &nbsp;

The FDIC was referring to decreases in the total amount of uninsured money held by banks at the end of 2022. According to an S&amp;P Global report from July, 55 banks, more than double the average, lowered their fourth-quarter uninsured deposits in FDIC reports.

The regulator specifically reminded banks that they must report uninsured deposits maintained at their own subsidiaries as well as uninsured deposits secured by pledged assets. It further said, “If your institution incorrectly reduced the amount of reported uninsured deposits, for example, to reflect collateralisation of deposits by pledged assets or by excluding intercompany deposit balances of subsidiaries, those reports are inaccurate.”

Paul Burdiss, the chief financial officer of Zions Bancorporation, criticised the FDIC’s strategy in a letter of comment on July 17.&nbsp;

In order to exclude intra-bank accounts as uninsured deposits, Bank of America amended its uninsured deposits reported to the FDIC in May downward by 13.8 per cent to $783.92 billion, according to the S&amp;P report.

Bill Halldin, a Bank of America spokesman, said that the bank had identified some internal or intra-bank accounts that should not have been reported. The bank has no plans to alter the most recent figure it provided to the FDIC.

It was also noted in the S&amp;P report that Huntington National Bank decreased its uninsured deposits by 39.9 per cent after review. This was the largest percentage decline that analysts noted. The bank refused to respond amid requests for comments.

Larger firms criticised the FDIC in comment letters saying that they would not benefit from the government’s efforts to backstop depositors at smaller lenders as the news fee would heavily fall on them. &nbsp;

On 21st July, the Bank Policy Institute said there were flaws in the FDIC’s rationale for the special assessment methodology. It further stated that their assessment methodology could not be supported by the analysis by the FDIC.

(With inputs from agencies)

&nbsp;

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The Federal Deposit Insurance Corporation (FDIC) on Monday asked banks to amend their financial statements that “incorrectly” indicate uninsured deposits. The FDIC's warning comes after banks objected to a fee that was imposed with an intention to recover losses from the failures of Silicon Valley Bank and other firms.

The Federal Deposit Insurance Corporation (FDIC) on Monday asked banks to amend their financial statements that “incorrectly” indicate uninsured deposits. The FDIC's warning comes after banks objected to a fee that was imposed with an intention to recover losses from the failures of Silicon Valley Bank and other firms. The special fee, proposed by the FDIC in May, would be calculated in accordance to the amount of uninsured deposits held by banks at the end of 2022. The regulator did not take the name of any bank but said that certain banks were “not reporting estimated uninsured deposits in accordance with the instructions". The FDIC was referring to decreases in the total amount of uninsured money held by banks at the end of 2022. According to an S&P Global report from July, 55 banks, more than double the average, lowered their fourth-quarter uninsured deposits in FDIC reports. The regulator specifically reminded banks that they must report uninsured deposits maintained at their own subsidiaries as well as uninsured deposits secured by pledged assets. It further said, “If your institution incorrectly reduced the amount of reported uninsured deposits, for example, to reflect collateralisation of deposits by pledged assets or by excluding intercompany deposit balances of subsidiaries, those reports are inaccurate.” Paul Burdiss, the chief financial officer of Zions Bancorporation, criticised the FDIC’s strategy in a letter of comment on July 17. In order to exclude intra-bank accounts as uninsured deposits, Bank of America amended its uninsured deposits reported to the FDIC in May downward by 13.8 per cent to $783.92 billion, according to the S&P report. Bill Halldin, a Bank of America spokesman, said that the bank had identified some internal or intra-bank accounts that should not have been reported. The bank has no plans to alter the most recent figure it provided to the FDIC. It was also noted in the S&P report that Huntington National Bank decreased its uninsured deposits by 39.9 per cent after review. This was the largest percentage decline that analysts noted. The bank refused to respond amid requests for comments. Larger firms criticised the FDIC in comment letters saying that they would not benefit from the government’s efforts to backstop depositors at smaller lenders as the news fee would heavily fall on them. On 21st July, the Bank Policy Institute said there were flaws in the FDIC’s rationale for the special assessment methodology. It further stated that their assessment methodology could not be supported by the analysis by the FDIC. (With inputs from agencies) WATCH WION LIVE HERE

US banks pressed to rectify ‘inaccurate’ financial statements. Here's why

Several large banks, including JPMorgan Chase &amp; Co. and PNC Financial Services Group Inc., are reportedly interested to bid for purchasing First Republic Bank. According to reports, US banking regulator Federal Deposit Insurance Corp. (FDIC) could seize and sell First Republic bank this weekend.

FDIC is an independent agency created by the US&nbsp;Congress to maintain stability and public confidence in the nation’s financial system.&nbsp;

The announcement comes as the FDIC is getting ready to immediately put First Republic into receivership after determining there is no longer time to attempt a private sector rescue of the ailing regional lender.

The San Francisco-based lender would be the third American bank to fail since March if it enters receivership, after the failure of Silicon Valley Bank and Signature Bank. First Republic clients panicked and withdrew almost $100 billion in deposits in a few days of the SVB catastrophe.

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Since then, the stock has lost around 97% of its value. The largest banks in the country, including JPMorgan and PNC, attempted to support the First Republic bank with a $30 billion deposit, but it was insufficient.

According to The Wall Street Journal, First Republic contemplated a sale or an outside capital infusion and recruited investment bankers to advise on its alternatives.

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Additionally, a proposal to sell some of its loans, securities, or both at a premium to market value was floated. It would be the second-largest bank to collapse in the United States history, with $233 billion in assets at the end of the first quarter.

On Monday, First Republic presented a dreadful quarterly profits report that included fresh information on the severity of the harm caused by the deposit run.

The bank claimed that costly loans from the Federal Reserve and Federal Home Loan Bank were used to plug the hole left by fleeing depositors. That left the lender facing a future scenario in which it might have to pay more in liabilities than it would have made in assets.

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The bank's stocks dropped roughly 50% in one day. It fell further during the week, closing at $3.51 a share on Friday, down from $115 on March 8 when SVB announced its&nbsp;losses that alarmed investors.

Customers with balances above the $250,000 deposit insurance limit started to withdraw their money in large quantities in March out of fear for the stability of a few smaller banks, which set off turbulence in the banking industry.

A few days following SVB's demise, the New York-based Signature Bank went down.

Regulators and bankers anticipated that once the government intervened to compensate uninsured depositors at SVB and Signature, the panic had subsided. However, First Republic had few viable options due to its severely damaged balance sheet.

The assets and deposits of First Republic might be easily absorbed by a small number of banks. Some of them, such as Wells Fargo &amp; Co., encounter regulatory barriers to growth. Others are still processing recent bank agreements.

Both JPMorgan and the Pittsburgh-based PNC have a history of stepping up in times of need.

In 2008, JPMorgan acquired the failing Bear Stearns, and after the government seized it, it took over the activities of Washington Mutual Inc.

Jamie Dimon, the CEO, used his expertise in crisis management to establish himself as a statesman among bank executives. He frequently utilises his position to advise government leaders and advocate for policy changes he believes would boost the economy.

With support from the government, PNC acquired the struggling Cleveland-based lender National City Corp. during the financial crisis of 2008. According to the Federal Reserve, it was the sixth-largest bank in the country at the end of last year.&nbsp;

 
 
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Several large banks, including JPMorgan Chase & Co. and PNC Financial Services Group Inc., are reportedly interested to bid for purchasing First Republic Bank. According to reports, US banking regulator Federal Deposit Insurance Corp.

Several large banks, including JPMorgan Chase & Co. and PNC Financial Services Group Inc., are reportedly interested to bid for purchasing First Republic Bank. According to reports, US banking regulator Federal Deposit Insurance Corp. (FDIC) could seize and sell First Republic bank this weekend. FDIC is an independent agency created by the US Congress to maintain stability and public confidence in the nation’s financial system. The announcement comes as the FDIC is getting ready to immediately put First Republic into receivership after determining there is no longer time to attempt a private sector rescue of the ailing regional lender. The San Francisco-based lender would be the third American bank to fail since March if it enters receivership, after the failure of Silicon Valley Bank and Signature Bank. First Republic clients panicked and withdrew almost $100 billion in deposits in a few days of the SVB catastrophe. Also Read | EU nations reach deal 'in principle' to transit grain from Ukraine Since then, the stock has lost around 97% of its value. The largest banks in the country, including JPMorgan and PNC, attempted to support the First Republic bank with a $30 billion deposit, but it was insufficient. According to The Wall Street Journal, First Republic contemplated a sale or an outside capital infusion and recruited investment bankers to advise on its alternatives. Also Read | Indian Air Force uses night vision goggles, bravely rescues 121 people from Sudan airstrip Additionally, a proposal to sell some of its loans, securities, or both at a premium to market value was floated. It would be the second-largest bank to collapse in the United States history, with $233 billion in assets at the end of the first quarter. On Monday, First Republic presented a dreadful quarterly profits report that included fresh information on the severity of the harm caused by the deposit run. The bank claimed that costly loans from the Federal Reserve and Federal Home Loan Bank were used to plug the hole left by fleeing depositors. That left the lender facing a future scenario in which it might have to pay more in liabilities than it would have made in assets. Watch | After Russia's winter assault, Ukraine prepares for summer attack × The bank's stocks dropped roughly 50% in one day. It fell further during the week, closing at $3.51 a share on Friday, down from $115 on March 8 when SVB announced its losses that alarmed investors. Customers with balances above the $250,000 deposit insurance limit started to withdraw their money in large quantities in March out of fear for the stability of a few smaller banks, which set off turbulence in the banking industry. A few days following SVB's demise, the New York-based Signature Bank went down. Regulators and bankers anticipated that once the government intervened to compensate uninsured depositors at SVB and Signature, the panic had subsided. However, First Republic had few viable options due to its severely damaged balance sheet. The assets and deposits of First Republic might be easily absorbed by a small number of banks. Some of them, such as Wells Fargo & Co., encounter regulatory barriers to growth. Others are still processing recent bank agreements. Both JPMorgan and the Pittsburgh-based PNC have a history of stepping up in times of need. In 2008, JPMorgan acquired the failing Bear Stearns, and after the government seized it, it took over the activities of Washington Mutual Inc. Jamie Dimon, the CEO, used his expertise in crisis management to establish himself as a statesman among bank executives. He frequently utilises his position to advise government leaders and advocate for policy changes he believes would boost the economy. With support from the government, PNC acquired the struggling Cleveland-based lender National City Corp. during the financial crisis of 2008. According to the Federal Reserve, it was the sixth-largest bank in the country at the end of last year. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

JPMorgan Chase, PNC bid for distressed First Republic as part of FDIC takeover

The Federal Deposit Insurance Corporation is an independent federal agency looking after the insurance of bank deposits. This agency has now chosen Blackrock's financial market advisory unit to sell off securities portfolios that the agency held after the collapse of Signature Bank.

FDIC hires Blackrock to sell $114 bn securities portfolios | World Business News | WION

First Citizens BancShares Inc has agreed to buy the Silicon Valley Bank, which is under the control of the US regulator the Federal Deposit Insurance Corp (FDIC) after it collapsed due to a liquidity crisis.

The Raleigh, North Carolina-based lender entered into a purchase and assumption agreement for all deposits and loans of SVB, the FDIC said in a statement.

The transaction covers $119 billion in deposits and $72 billion in assets, and "SVB's 17 branches will open as First Citizens" on Monday, it said.

The regulator said that all the deposits assumed by the First Citizens from the SVB would continue to be insured by the FDIC up to the insurance limit.

“The FDIC estimates the cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund (DIF) to be approximately $20 billion. The exact cost will be determined when the FDIC terminates the receivership,” it said in a statement.

Approximately $90 billion in securities and other assets will remain in the receivership for disposition by the FDIC, the statement added.

<h2>First Citizens in advanced talk to BUY COLLAPSED Silicon Valley Bank</h2>

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First Citizens has around $109 billion in assets and total deposits of $89.4 billion.

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For the last two weekends, the FDIC has been trying to find a buyer for the SVB Private and Silicon Valley Bank, but it failed to reach a deal to sell them together.&nbsp;Since then, it has been asking for separate offers for SVB&nbsp;Private and Silicon Valley Bank.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/explained-how-silicon-valley-bank-crisis-unfolded-in-48-hours-570945">Explained | How Silicon Valley Bank crisis unfolded in 48 hours</a>

According to a Bloomberg report on Saturday, Valley National Bancorp was also a bidder for Silicon Valley Bank.

SVB—16th biggest bank by assets and a key lender to startups in the US since the 1980s — broke down after a sudden outlfow of deposits, prompting regulators to seize control.

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First Citizens BancShares Inc has agreed to buy the Silicon Valley Bank, which is under the control of the US regulator the Federal Deposit Insurance Corp (FDIC) after it collapsed due to a liquidity crisis.

First Citizens BancShares Inc has agreed to buy the Silicon Valley Bank, which is under the control of the US regulator the Federal Deposit Insurance Corp (FDIC) after it collapsed due to a liquidity crisis. The Raleigh, North Carolina-based lender entered into a purchase and assumption agreement for all deposits and loans of SVB, the FDIC said in a statement. The transaction covers $119 billion in deposits and $72 billion in assets, and "SVB's 17 branches will open as First Citizens" on Monday, it said. The regulator said that all the deposits assumed by the First Citizens from the SVB would continue to be insured by the FDIC up to the insurance limit. “The FDIC estimates the cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund (DIF) to be approximately $20 billion. The exact cost will be determined when the FDIC terminates the receivership,” it said in a statement. Approximately $90 billion in securities and other assets will remain in the receivership for disposition by the FDIC, the statement added. First Citizens in advanced talk to BUY COLLAPSED Silicon Valley Bank First Citizens has around $109 billion in assets and total deposits of $89.4 billion. Also read | Explained | Silicon Valley Bank crisis: Did US central bank miss headwinds? For the last two weekends, the FDIC has been trying to find a buyer for the SVB Private and Silicon Valley Bank, but it failed to reach a deal to sell them together. Since then, it has been asking for separate offers for SVB Private and Silicon Valley Bank. Also read | Explained | How Silicon Valley Bank crisis unfolded in 48 hours According to a Bloomberg report on Saturday, Valley National Bancorp was also a bidder for Silicon Valley Bank. SVB—16th biggest bank by assets and a key lender to startups in the US since the 1980s — broke down after a sudden outlfow of deposits, prompting regulators to seize control. WATCH WION LIVE HERE

Silicon Valley Bank sold to First Citizens Bank

After the U.S. regulators pulled the plug on Silicon Valley Bank, the Federal Deposit Insurance Corporation (FDIC) was called to take over the institution and hand over the sale of its assets. Employees of the fallen bank has been offered 45 days of employment at one and a half times their previous salary.

U.S.: Largest collapse of financial institution since 2008 crisis; Musk open to buying SVB

U.S.: America's biggest banking failure since 2008 as U.S. regulators pull plug on SVB

U.S. regulators pull plug on SVB; FDIC offers 45 days of work to employees

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