SVB buyers tried using to withdraw virtually all the bank’s deposits about two days, Fed’s Barr testifies

SVB buyers tried using to withdraw virtually all the bank’s deposits about two days, Fed’s Barr testifies


Key Points
  • Due to the fact the working day regulators seized Silicon Valley Lender, it was community information that panicked prospects withdrew $42 billion from the financial institution on March 9 on worries that uninsured deposits were being at chance.
  • But that pales in comparison to the $100 billion in funds that would’ve gone out the upcoming working day, Michael Barr, vice chair for supervision at the Federal Reserve, testified Tuesday.
  • The cumulative $142 billion in tried withdrawals represents a staggering 81% of SVB’s $175 billion in deposits as of calendar year-conclude 2022.



Resource

IMF’s Georgieva urges China to speed up ‘long-overdue’ shift away from relying on exports for growth, so as ‘not to provoke’ other countries
Finance

IMF’s Georgieva urges China to speed up ‘long-overdue’ shift away from relying on exports for growth, so as ‘not to provoke’ other countries

Key Points China needs to speed up its decades-long plan to increase its reliance on consumption as a driver of growth, IMF Managing Director Kristalina Georgieva told reporters Wednesday. She said such a move was needed “so as not to provoke other countries to take measures to curb down Chinese exports.” The IMF on Wednesday […]

Read More
Stocks making the biggest moves after hours: AeroVironment, GE Vernova, Cracker Barrel and more
Finance

Stocks making the biggest moves after hours: AeroVironment, GE Vernova, Cracker Barrel and more

Check out the companies making headlines in after-hours trading. AeroVironment — Shares of the defense technology provider slid more than 4% after its second-quarter earnings missed analyst expectations, coming in at 44 cents per share on an adjusted basis. That’s well below the 78 cents per share that analysts surveyed by LSEG estimated. The company’s […]

Read More
There’s no Dow or S&P 500 for cryptocurrencies yet. Bitwise is getting a step closer with new ETF
Finance

There’s no Dow or S&P 500 for cryptocurrencies yet. Bitwise is getting a step closer with new ETF

Key Points The Bitwise 10 Crypto Index ETF (BITW) holds the following 10 digital assets: Bitcoin, ether, XRP, Solana, Chainlink, Litecoin, Cardano, Avalanche, Sui and Polkadot. This makes BITW the first ETF by a major crypto asset manager to include Cardano, Avalanche, Sui and Polkadot, Bitwise CEO and co-founder Hunter Horsley told CNBC. Source

Read More
Powered by WordPress | WP Magazine by WP Mag Plus