British banks are seeing a pick-up in enquiries to switch cash between institutions after the collapse of U.S. tech lender Silicon Valley Bank, as contagion fears prompt some depositors to try to figure out the safest harbors for their funds
British banks are seeing a pick-up in enquiries to switch cash between institutions after the collapse of U.S. tech lender Silicon Valley Bank, as contagion fears prompt some depositors to try to figure out the safest harbours for their funds.
But the collapse of the Californian bank has drawn additional scrutiny of the safety of uninsured deposits above an 85,000 pound guarantee granted to licenced banks in Britain, particularly for businesses, as they are more likely to have larger deposits.
Franklin told Reuters a number of CEOs and startup execs had started researching other banks with which to park cash in addition to SVB UK this week, citing Barclays as a favourite among some.The founder of banking platform Griffin, David Jarvis, said he is in a WhatsApp group of over 200 fintech founders, of which dozens have started the process for opening new bank accounts following the collapse of SVB. He said the people were “mostly looking at the big clearing banks”.
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Easy Loans, Great Service: Why Silicon Valley Loved Silicon Valley BankSilicon Valley Bank used financial sweeteners to attract clients, powering growth for decades—leaving the sector vulnerable when the bank collapsed Subsidized by the implicit (now explicit) guarantee of taxpayer backing on deposits Wow, a for-profit bank trying to attract clients….say it isn’t so🙄 Tthe bank had a Put with the Wok biden group why and how they all got paid no risk here
Silicon Valley Bank collapse throws up uncertainty for a European Central Bank hoping to hike ratesEuropean markets closed sharply lower Monday amid the fallout from the SVB crisis.
Why Did Silicon Valley Bank and Signature Bank Fail So Fast?A professor of economics explains why the country’s banking crisis isn’t over yet. Some more insight on what startups and founders can do to not get stuck in a situation like this again.
Bank of America gets $15B in new deposits after Silicon Valley Bank collapse: reportThe mass migration to Bank of America, the nation’s second largest, comes in the wake of the swift collapse of Silicon Valley Bank and Signature.
Silicon Valley Bank collapse triggers alarms among Greater Cleveland startups with millions in the California bank“(The narrative is) this is a rich people, Silicon Valley issue, which is not the case,” JumpStart Ventures managing partner Hardik Desai said. “This affects hundreds of thousands of people in multiple ways across the country.” When you give $73,000,000 to BLM you get what you deserve.
Report: Shanghai Bank Mulls Buying Silicon Valley Bank’s Stake in Chinese Subsidiary – Featured Bitcoin NewsBritish authorities have lauded HSBC’s acquisition of the UK subsidiary of SVB for £1 ($1.22), which supposedly protects depositors without using taxpayers’ money. hsbc ‘Oh, how thoughtful of HSBC to protect depositors with someone else’s money!’ Using Chiefrafba for signals and analysis I have a 92% win rate in 2 months It is promising to see that UK businesses are being supported through this acquisition, helping to create a stronger economy.