First Citizens Bank delivered results that topped Wall Street expectations in its latest earnings report – the first quarter of business since acquiring Silicon Valley Bank in March.
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Silicon Valley Bank – now owned by Raleigh NC based First Citizens Bank – failed because regulators were far too slow to take action, San Francisco Federal Reserve Bank President Mary Daly said Monday in her first extended remarks about the collapse.
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Silicon Valley Bank, once a primary source of funding for startups and loans to the venture capital industry, is making loans again in that sector following its acquisition by Raleigh-based First Citizens Bank. But …
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First Citizens Bank has laid off some 500 workers at Silicon Valley Bank, which the Raleigh based company recently acquired after it was seized by federal regulators, multiple media reports say.
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Raleigh’s First Citizens BancShares Inc, which acquired Silicon Valley Bank following its collapse, sued HSBC Holdings PLC, accusing it of poaching more than 40 of the failed bank’s employees in order to launch its own U.S. venture banking business.
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Top executives at Silicon Valley Bank and Signature Bank largely avoided taking responsibility for their banks’ dramatic failures at a Senate hearing Tuesday, instead using their time to assign blame to events they said were largely out of their control.
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The former chief executive of Silicon Valley Bank plans to apologize before a Senate committee Tuesday, writing in prepared testimony that he believes no bank could have survived the run that gutted SVB in early March. Here’s what he plans to say.
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Venture capital pros expect generative AI to be “highly” or “moderately disruptive” over the next five years with more than 70% believe a wave of AI-inspired “technology unicorns” is on the horizon. Check out the results of a new survey from Pitchbook.
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Silicon Valley Bank failed due to a combination of extremely poor bank management, weakened regulations and lax government supervision, the Federal Reserve said Friday, in a highly-anticipated review of how the central bank failed to properly supervise the bank before it collapsed early last month.
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