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Washington, US President Joe Biden has assured the American people and businesses that a resolution of the collapse of the <keyword id="630197" type="General" weightage="80" keywordseo="silicon-valley-bank" source="Orion">Silicon Valley Bank</keyword> will not put taxpayer's money at risk, and they can have confidence that their bank deposits would be there when they need it. In a late-night statement on Sunday, Biden also announced that on Monday morning he will deliver remarks on how the US will maintain a resilient banking system to protect the economic recovery. The California-based Silicon Valley Bank (SVB), the 16th largest bank in the United States, was closed on Friday by the California Department of Financial Protection and Innovation which later appointed the Federal Deposit Insurance Corporation (FDIC) as its receiver. Industry watchers expect a quick takeover of the bank as it has enough assets that can be liquidated to return money to the clients. Biden said that at his direction the Treasury Secretary and National Economic Council Director worked diligently with the banking regulators to address problems at SVB and Signature Bank. "I am pleased that they reached a prompt solution that protects American workers and small businesses, and keeps our financial system safe. The solution also ensures that taxpayer dollars are not put at risk. The American people and American businesses can have confidence that their bank deposits will be there when they need them," Biden said. "I am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again," he added. Hours earlier, Treasury Secretary Janet Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. "Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of SVB will be borne by the taxpayer," said a joint statement issued by the Department of the Treasury, Federal Reserve, and FDIC. "We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of SVB, no losses will be borne by the taxpayer," it said. According to the interagency federal statement, shareholders and certain unsecured debt holders will not be protected. "Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law," it said. The Federal Reserve Board on Sunday announced it would make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This step will ensure that the US banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth, the statement further said. Senator Mark Warner, a member of the Senate Banking Committee, said after an unprecedented and reckless run on Silicon Valley Bank, there were very real risks of instability spreading to other institutions and undermining our national security and technology innovation ecosystem. "The Federal Reserve, the FDIC, and the Treasury Department have together acted as Congress intended when we wrote Dodd-Frank by acting swiftly and responsibly to protect depositors and make sure that our financial system remains stable, while at the same time making clear that bank shareholders and bondholders shouldn't expect any kind of bailout by the taxpayers. Their quick action will help companies make payroll and preserve jobs all across the country," he said. California Governor Gavin Newsom said that the Biden Administration has acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system. "Their actions this weekend have calmed nerves, and had profoundly positive impacts on California - on our small businesses that can now make payroll, workers who will get their paychecks, on affordable housing projects that can continue construction, and on non-profits that can keep their doors open tomorrow," he said. "California is a pillar of the American economy, and federal leaders did the right thing, ensuring our innovation economy can continue to grow and move forward," Newsom said. Silicon Valley Bank was deeply entrenched in the tech startup scene and the default bank for many high-flying startups; its abrupt fall marks one of the largest bank failures since the 2008 global financial crisis. The bank failed after clients -- many of them venture capital firms and VC-backed companies that the bank had cultivated over time -- began pulling out their deposits, creating a run on the bank (among the biggest US bank runs in more than a decade). Bank runs occur when customers or investors gripped by panic start withdrawing their money, causing the bank to be incapable of paying its obligations as they come due. Silicon Valley Bank's abrupt collapse last week has left Silicon Valley entrepreneurs unnerved and jittery. Federal Deposit Insurance Corporation on Friday seized the assets of Silicon Valley Bank -- the action reportedly in the middle of the business day highlighted the severity of the situation.

SVB solution ensures taxpayer dollars are not put at risk: President Biden

<ul><li><keyword id="6358584" type="General" weightage="20" keywordseo="hsbc" source="Orion">HSBC</keyword> says that the transaction 'completes immediately' and will be funded from existing resources.</li><li>The UK central bank said the deal will ensure the continuity of banking services, minimise disruption to the UK technology sector. </li></ul> HSBC UK Bank plc is acquiring Silicon Valley Bank UK Limited (SVB UK) for 1 pound, after a weekend of frantic negotiations by UK officials. In a statement, HSBC says the transaction "completes immediately". The acquisition will be funded from existing resources, the Guardian reported. "As at 10 March 2023, SVB UK had loans of around 5.5 billion pounds and deposits of around 6.7 billion pounds. For the financial year ending December 31, 2022, SVB UK recorded a profit before tax of 88 million pounds. SVB UK's tangible equity is expected to be around 1.4 billion pounds. Final calculation of the gain arising from the acquisition will be provided in due course," HSBC said. The sale to HSBC has been taken to "stabilise SVBUK", says the Bank of England. The UK central bank says the deal will ensure the continuity of banking services, minimise disruption to the UK technology sector and support confidence in the financial system, the Guardian reported. Importantly, the Bank of England and HM Treasury can confirm that all depositors' money with SVBUK is safe and secure as a result of this transaction. That will be a massive relief for tech companies, who feared an �existential threat' to their businesses if they had lost their funds at SVB UK, the Guardian reported. The BoE add that the deal with HSBC means SVB UK will not now be put into insolvency. It says, "SVBUK's business will continue to be operated normally by SVBUK. All services will continue to operate as normal and customers should not notice any changes".

HSBC acquires UK arm of Silicon Valley Bank for £1

The end (of the week) is here! <a href="https://twitter.com/dandefrancesco">Dan DeFrancesco</a> in NYC, and I wish I had more to say, but I am just ready for the weekend.Fun fact Friday: Musician Johnny Cash was the <a href="https://faroutmagazine.co.uk/johnny-cash-first-american-joseph-stalins-death/">first American to learn of Joseph Stalin's death.</a>Today, we've got stories on <a href="https://www.bloomberg.com/news/articles/2023-03-08/jpmorgan-sues-jes-staley-for-liabilty-for-any-epstein-damages?sref=5xrDvJna">JPMorgan playing the blame game</a>, <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-annual-earnings-delay-stock-market-news-investing-analysis-2023-3?_gl=1*syqapw*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY3ODM3OTA5NS40ODQuMS4xNjc4Mzc5ODY1LjAuMC4w">more problems at Credit Suisse</a>, and <a href="https://www.insider.com/surprising-reasons-you-dont-feel-happy-2019-3">some easy fixes to improve your mood.</a>But first, please don't take your money. <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">Sign up here</a> to get this newsletter in your inbox each weekday.<a href="https://markets.businessinsider.com/news/stocks/bank-stocks-plunge-silicon-valley-bank-silvergate-capital-shock-waves-2023-3"></a>1. SVB = So Very Bad.Yikes!That sums up how Thursday went for bank stocks. <a href="https://markets.businessinsider.com/news/stocks/bank-stocks-plunge-silicon-valley-bank-silvergate-capital-shock-waves-2023-3">As Insider's Matthew Fox reports</a>, it was a bit of a bloodbath for banks, as everyone from the biggest players to small regionals saw their shares dip considerably. The KBW Bank index dropped 7.7%, which was its biggest decline since June 2020, Matthew reports. But the real star — or perhaps supernova — of Thursday was SVB Financial, <a href="https://markets.businessinsider.com/news/stocks/bank-stocks-plunge-silicon-valley-bank-silvergate-capital-shock-waves-2023-3">which saw shares drop as much as 62%.</a>SVB Financial is the parent company of Silicon Valley Bank, which is a firm you might not be familiar with, but plays a key role in the world of startups. The bank has been a favorite among tech startups, venture capitalists, and entrepreneurs for decades.As you can imagine, the past year has not been kind to SVB. When a bank's clients are hurting, the bank hurts too. And SVB has very much felt the pain of the downturn in tech-startup land.But things took a much worse turn recently. SVB had to sell a $21 billion bond portfolio <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-svb-stock-price-bond-portfolio-firesale-treasury-2023-3?utm_medium=ingest&amp;utm_source=markets">for a $1.8 billion loss</a> (thanks a lot, interest rates!). The bank followed that up by announcing it needed to raise another $2.3 billion from investors by selling off its own stock (which is never a good thing for the share price). Thankfully, the VC and startup community kept a cool head through it all and didn't overreact. Just kidding. It wasn't long before reports started rolling in about <a href="https://www.semafor.com/article/03/09/2023/some-vc-firms-are-urging-founders-to-pull-money-from-troubled-silicon-valley-bank">VCs instructing</a> their founders to <a href="https://techcrunch.com/2023/03/09/silicon-valley-bank-firms-reactions/">get their money out</a>. The noise got so loud that SVB's CEO told them to knock it off, telling VCs to "stay calm," <a href="https://affiliate.insider.com?h=63b7b6fc49b5a17b6f708b3b38280ab24cdf4177f41bc330668bb39c8e13a46b&amp;postID=6409f4d438646749ef40acab&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fsilicon-valley-bank-ceo-tells-vc-clients-to-stay-calm">The Information reported</a>.Insider's Samantha Stokes, Ben Bergman, and Darius Rafieyan <a href="https://www.businessinsider.com/svb-silicon-valley-bank-startups-worry-run-pull-accounts-2023-3">have a rundown on all the chaos</a> that went down today.Blame SVB. Blame the VCs. Blame the press. Blame social media. It doesn't matter who you want to point the finger at. It seems the damage is already done, to a degree, and a panic has set in. As Ben and Darius report, some rivals are already <a href="https://www.businessinsider.com/svb-rivals-pitch-startups-on-moving-money-out-bank-2023-3">pitching SVB's clients to move their money over.</a>On the one hand, VCs should know better than to cause this type of fear. A bank panic is a self-fulfilling prophecy. If you're not panicked, there won't be a panic. Thankfully, it appears, at least some founders have realized this and <a href="https://www.businessinsider.com/founders-call-for-calm-silicon-valley-banks-stock-price-plummets-2023-3">are calling for calm</a>, as Samantha, Ben, and Darius report.However, I am sure the implosion of FTX is fresh in plenty of investors' minds. And while I'm not trying to draw any comparisons between the two firms, which are light years apart, I could see skittish VCs jumping to conclusions and thinking the worse.Meanwhile, most founders aren't in the position to take a stand against an investor they could need a lifeline from in the coming months. So if the VC wants them to pull the cash, that's what they'll do. <a href="https://markets.businessinsider.com/news/stocks/bank-stocks-plunge-silicon-valley-bank-silvergate-capital-shock-waves-2023-3">Click here to read more about about how SVB's stock plummet was felt by all the banks.</a><a href="https://www.businessinsider.com/svb-silicon-valley-bank-startups-worry-run-pull-accounts-2023-3">Read more about how Silicon Valley turned on its own bank.</a><a href="https://www.businessinsider.com/founders-call-for-calm-silicon-valley-banks-stock-price-plummets-2023-3">Here's more on the tech founders trying to calm everyone down amid the chaos.</a><a href="https://www.businessinsider.com/svb-rivals-pitch-startups-on-moving-money-out-bank-2023-3" target="_blank" rel="noopener">And here's how some rivals are already pitching SVB's clients to move their money over.</a>In other news:<a href="https://www.insider.com/the-last-of-us-cannibalism-wouldnt-be-very-nutritious-researcher-2023-3"></a><div type="image" title="the last of us hbo" height="1540" width="2053" msid="98546527" hostid="261" sizebytes="41270"></div>2. This startup helps government contractors keep tabs on the work they outsource. GovForce provides software for contractors to make sure the subcontractors they're working with remain in compliance. <a href="https://www.businessinsider.com/startup-govforce-pitch-deck-government-contractors-monitor-compliance-2023-3">Check out the pitch deck it used to raise its initial round of funding.</a> And if you're looking for more pitch decks, <a href="https://www.businessinsider.com/fintech-pitch-deck-fundraise-lance-altruist-honeybook-digital-finance-startups-2021-5">we've got more than 50 from a variety of fintechs.</a>3. JPMorgan is trying to pin the blame on Jes Staley. The bank filed a lawsuit against its former top private banker that he should be held liable for any damages it might have to pay over its ties to Jeffrey Epstein, Bloomberg reports. <a href="https://www.bloomberg.com/news/articles/2023-03-08/jpmorgan-sues-jes-staley-for-liabilty-for-any-epstein-damages?sref=5xrDvJna">More on that here.</a>4. More bad news at Credit Suisse. The Swiss bank delayed filing its annual earnings after a "late call" from the Securities and Exchange Commission. <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-annual-earnings-delay-stock-market-news-investing-analysis-2023-3?_gl=1*syqapw*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY3ODM3OTA5NS40ODQuMS4xNjc4Mzc5ODY1LjAuMC4w">Here's why people are worried.</a>5. Money does, in fact, buy happiness. A new study goes against the age-old sentiment that no amount of money can buy you happiness. Whether you agree or disagree, <a href="https://www.businessinsider.com/money-can-buy-you-happiness-economy-wealth-research-paper-kahneman-2023-3">this story is worth a read on why happiness doesn't plateau as wealth rises. </a>6. How to not let the #hustleharder people bring you down. Just because you have a workaholic colleague doesn't mean you need to burn yourself out. <a href="https://www.businessinsider.com/workaholic-colleague-overworking-burnout-jobs-careers-advice-2023-3">Here are three tips for keeping up with the Gary V types in your life without going crazy.</a>7. Florida Man reigns supreme. Florida is now the fastest-growing state in the US, having come out as a big winner from the pandemic. <a href="https://www.businessinsider.com/florida-population-jobs-economy-housing-battle-new-york-california-2023-3">More on how Florida has attracted so many new residents.</a> (Hint: It's not just because of the beaches.)8. Please don't get any ideas from the latest episode of "The Last of Us." If the most recent episode has you contemplating adjusting your diet, that would be a bad idea. <a href="https://www.insider.com/the-last-of-us-cannibalism-wouldnt-be-very-nutritious-researcher-2023-3">Click here to understand why.</a> (Don't click if you aren't caught up!)9. This is what has got you down in the dumps. Wondering why you're feeling down lately? Experts gave us some surprising reasons why you might not be able to turn that frown upside down. <a href="https://www.insider.com/surprising-reasons-you-dont-feel-happy-2019-3">Read up on seven reasons you're unhappy and how to fix it.</a>10. <a href="https://www.youtube.com/watch?v=q0SyUgw98tE">We flying first class.</a> German airline Lufthansa has new first-class suites for long-haul flights that are a sight to see. <a href="https://www.businessinsider.com/lufthansa-allegris-first-class-suites-double-beds-heated-seats-photos-2023-3">Check out pics of the suites that feel more like a hotel room than an airline seat.</a>Curated by Dan DeFrancesco in New York. Feedback or tips? Email <a href="mailto:ddefrancesco@insider.com">ddefrancesco@insider.com</a>, tweet <a href="https://twitter.com/dandefrancesco">@dandefrancesco</a>, or <a href="https://affiliate.insider.com?h=b83e78f6bb45aba7034c3baf1ec66d1b6c1d3afa26264bdb8604d5b9f2351262&amp;postID=6409f4d438646749ef40acab&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fdan-defrancesco-29b12449%2F">connect on LinkedIn</a>. Edited by Jeffrey Cane (tweet <a href="https://twitter.com/jeffrey_cane">@jeffrey_cane</a>) in New York and Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Everyone's freaking out about SVB because everyone else is freaking out about SVB

Welcome back! <a href="https://twitter.com/dandefrancesco">Dan DeFrancesco</a> in NYC, and I feel like my entire life has been a lie after <a href="https://www.insider.com/tiktok-artificial-sizzle-fajitas-restaurant-water-special-sauce-chilis-dennys-2023-3">learning the truth about "sizzling" fajitas at restaurants.</a>Today, we've got stories on a fintech that's <a href="https://www.businessinsider.com/fintech-symphony-engineering-office-sophia-antipolis-south-france-2023-3">set up shop in the south of France</a>, the <a href="https://www.businessinsider.com/the-kings-college-financial-troubles-small-christian-college-2023-3">potential downfall of a small, Christian college with Wall Street ties you've probably never heard of</a>, and <a href="https://www.insider.com/avoid-these-intermittent-fasting-mistakes-for-weight-loss-researcher-2023-3">why you're doing intermittent fasting all wrong</a>. But first, now what?If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/silicon-valley-bank-failure-long-term-impact-tech-vc-finance-2023-3" target="_blank" rel="noopener"></a>1. Picking up the pieces from SVB.Where do we go from here?It's just over a week from Federal regulators announcing they would be <a href="https://www.businessinsider.com/us-government-bails-out-silicon-valley-bank-depositors-fdic-2023-3">bailing out depositors of Silicon Valley Bank and Signature Bank</a>. Now, the FDIC said Sunday that New York Community Bancorp's Flagstar Bank will take on <a href="https://www.fdic.gov/news/press-releases/2023/pr23021.html" target="_blank" rel="noopener">nearly all of Signature Bridge Bank's deposits</a>.The initial bail out was meant to stop panic among the general public and limit contagion.About that...The past week has not been kind to the banking industry. SVB Financial, the parent company, <a href="https://markets.businessinsider.com/news/stocks/svb-bankruptcy-chapter-11-auction-silicon-valley-bank-closure-fdic-2023-3?_gl=1*1r388ph*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY3OTA2MDYxNC41MDAuMS4xNjc5MDc2NTU3LjYwLjAuMA..">has filed for bankruptcy</a> as it still awaits a potential buyer. Meanwhile, the biggest US banks <a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-svb-morgan-stanley-jpmorgan-talks-financial-aid-2023-3?_gl=1*h8ou9k*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY3OTI0NzMxOS41MDEuMS4xNjc5MjQ5MjEzLjguMC4w">stepped in to deposit $30 billion into First Republic</a>.Still, that <a href="https://www.businessinsider.com/first-republic-bank-rescue-sale-problems2023-3">might still not be enough to save the beleaguered bank</a>. It's gotten so bad that famed investor and noted Midwesterner Warren Buffett is <a href="https://www.businessinsider.com/warren-buffett-white-house-investment-in-regional-banks-2023-3">talking to the Biden administration about how to save regional banks</a>. The bad banking vibes have even spread across the pond. Credit Suisse, whose problems long preceded SVB's downfall, to be fair, <a href="https://www.businessinsider.com/credit-suisse-ubs-offers-up-to-billion-rescue-deal-report-2023-3">is getting acquired by Swiss rival UBS</a>. The deal is worth $2 billion, a considerable amount less than what the bank's market cap was on Friday. Here's a <a href="https://www.snb.ch/en/mmr/reference/pre_20230319/source/pre_20230319.en.pdf">statement from the Swiss National Bank on the news</a>.In an hour-long call held late on Sunday evening, top UBS executives <a href="https://www.businessinsider.com/ubs-credit-suisse-acquisition-colm-kelleher-2023-3">defended their decision</a> — and analysts began breaking down <a href="https://www.businessinsider.com/ubs-credit-suisse-acquisition-colm-kelleher-2023-3">what comes next</a>.But, as we look at <a href="https://www.businessinsider.com/ubs-credit-suisse-acquisition-colm-kelleher-2023-3">what the future holds</a> for the world of finance, it's worth remembering how we got here. Insider has you covered with three features looking at <a href="https://www.businessinsider.com/vcs-and-founders-silicon-valley-bank-meltdown-fdic-supporting-bank-2023-3?r=rr">the play-by-play perspective on how SVB fell apart</a>, <a href="https://www.businessinsider.com/big-banks-svb-first-republic-jpmorgan-rescue-crisis-2023-3">why big banks came out on top</a>, and <a href="https://www.businessinsider.com/silicon-valley-bank-failure-long-term-impact-tech-vc-finance-2023-3">how the knock-on effects will be felt for years to come across industries</a>.<a href="https://www.businessinsider.com/vcs-and-founders-silicon-valley-bank-meltdown-fdic-supporting-bank-2023-3?r=rr">Panic and recrimination: Inside Silicon Valley's first real financial crisis.</a><a href="https://www.businessinsider.com/big-banks-svb-first-republic-jpmorgan-rescue-crisis-2023-3">Wall Street keeps winning even in a banking crisis.</a><a href="https://www.businessinsider.com/silicon-valley-bank-failure-long-term-impact-tech-vc-finance-2023-3">Silicon Valley Bank was the bank for tech. Its collapse is everyone's problem.</a><a href="https://www.businessinsider.com/ubs-credit-suisse-acquisition-colm-kelleher-2023-3">Top UBS executives defend their "emergency rescue" of Credit Suisse. Here's what comes next.</a>In other news:<a href="https://www.businessinsider.com/fintech-symphony-engineering-office-sophia-antipolis-south-france-2023-3"></a><div type="image" title="French Riviera" height="4512" width="7033" msid="98811383" hostid="261" sizebytes="3303096"></div>2. Fintech in the south of France. Messaging and workflow startup Symphony opened an engineering hub just outside Nice where employees can split their time between the Alps and the French Riviera. (Must be Nice!) <a href="https://www.businessinsider.com/fintech-symphony-engineering-office-sophia-antipolis-south-france-2023-3">Check out photos from an office location we are all jealous of.</a>3. VC's LPs weigh in. The people backing venture capitalists, known as limited partners, share their thoughts on how VCs handled the crisis at Silicon Valley Bank. <a href="https://www.businessinsider.com/lp-react-how-venture-capital-responded-svb-collapse-2023-3" target="_blank" rel="noopener">Read more here</a>.4. My college might soon no longer exist. Insider's Paige Hagy has a fascinating first-person look at her experience attending The King's College. The small, Christian school in New York City's financial district is on the brink of going under. <a href="https://www.businessinsider.com/the-kings-college-financial-troubles-small-christian-college-2023-3">You're gonna want to read this one.</a>5. Invest in single-family rentals, they said. It'll be easy, they said. From iguanas squatting in the attic to dozens of snakes living in the walls, Wall Street is getting a crash course on being a landlord at scale. <a href="https://www.insider.com/corporate-single-family-rental-landlords-face-peculiar-maintenance-2023-3">More wild examples of the challenges of property management</a>. 6. PE and porn. The parent company of Pornhub (a website I am sure none of you are familiar with) was acquired by a new private-equity firm named, wait for it, Ethical Capital, The Financial Times reports. <a href="https://www.ft.com/content/69c3295e-6f45-4b5f-8e7b-3b8d56ca46c8?campaign_id=4&amp;emc=edit_dk_20230317&amp;instance_id=87931&amp;nl=dealbook&amp;regi_id=110905846&amp;segment_id=128004&amp;te=1&amp;user_id=4cbce85b39b05a62487c63187ecd51cd">More on the deal here. </a>7. Forget Deadheads and Parrotheads, the Swifties are on tour. Taylor Swift's "Eras Tour" kicked off this weekend in Arizona. We broke down what goes into preparing a city for the arrival of the superstar's rabid fans. <a href="https://www.businessinsider.com/taylor-swift-starts-eras-tour-glendale-arizona-swift-city-2023-3?_gl=1*1kknr4y*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY3OTA2MDYxNC41MDAuMS4xNjc5MDg0OTc0LjM5LjAuMA..">From new bars to thousands of cookies, here's how to build out "Swift City."</a>8. So you want to get into the fast-food business? Fast food could mean fast money, but it won't necessarily come cheap. We've got the rundown on <a href="https://www.businessinsider.com/mcdonalds-chick-fil-a-taco-bell-fast-food-franchise-costs-2019-5">how much it costs to open 12 of the biggest fast-food chains in the US.</a>9. How to ride the rails in style. Insider's Joey Hadden has ridden nearly 1,000 miles across multiple countries on business-class trains. <a href="https://www.insider.com/business-class-trains-amtrak-via-rail-trenitalia-canada-europe-ranked-2023-3">Here's where she ranks them all. </a>10. If you're trying intermittent fasting, don't do this. It's a popular diet, but you need to do it right! <a href="https://www.insider.com/avoid-these-intermittent-fasting-mistakes-for-weight-loss-researcher-2023-3">These are five common mistakes to avoid, according to a researcher. </a>Curated by Dan DeFrancesco in New York. Feedback or tips? Email <a href="mailto:ddefrancesco@insider.com">ddefrancesco@insider.com</a>, tweet <a href="https://twitter.com/dandefrancesco">@dandefrancesco</a>, or <a href="https://affiliate.insider.com?h=b83e78f6bb45aba7034c3baf1ec66d1b6c1d3afa26264bdb8604d5b9f2351262&amp;postID=6414aa26a5f1ba686b007645&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fdan-defrancesco-29b12449%2F">connect on LinkedIn</a>. Edited by Jeffrey Cane (tweet <a href="https://twitter.com/jeffrey_cane">@jeffrey_cane</a>) in New York and Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Picking up the pieces in the wake of SVB's collapse

<ul><li>The 17 former branches of <keyword id="16953072" type="General" weightage="20" keywordseo="silicon-valley-bridge-bank" source="Orion">Silicon Valley Bridge Bank</keyword>, <keyword id="220723" type="General" weightage="20" keywordseo="national-association" source="Orion">National Association</keyword>, will open as FirstCitizens Bank &amp; Trust Company on Monday, March 27, 2023, FDIC said.</li><li>Customers of Silicon Valley Bridge Bank, National Association, should continue to use their current branch until they receive notice from <keyword id="16953457" type="General" weightage="20" keywordseo="first-citizens-bank" source="Orion">First Citizens Bank</keyword> &amp; Trust Company, the regulator said. </li></ul> San Francisco, March 27 (IANS) The US Federal Deposit Insurance Corporation (FDIC) has announced that First Citizens Bank and Trust Company of Raleigh, North Carolina entered a purchase agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association. "The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as FirstCitizens Bank &amp; Trust Company on Monday, March 27, 2023," Fox Business quoted the FDIC as saying in a statement. "Customers of Silicon Valley Bridge Bank, National Association, should continue to use their current branch until they receive notice from First Citizens Bank &amp; Trust Company that systems conversions have been completed to allow full service banking at all of its other branch locations," the statement continued. Depositors of the Santa Clara, California-located bank will automatically become depositors of First�Citizens Bank &amp; Trust Company, according to the statement, and all deposits will be assumed and insured by First�Citizens Bank &amp; Trust Company, up to the insurance limit, Fox Business reported. The FDIC said: "As of March 10, 2023, Silicon Valley Bridge Bank, National Association, had approximately $167 billion in total assets and about $119 billion in total deposits. Today's transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association's assets at a discount of $16.5 billion." In addition, approximately $90 billion in securities and other assets will remain in the receivership for disposition by the FDIC, Fox Business reported.

First Citizens Bank reaches deal to purchase deposits, loans of Silicon Valley Bank

US-based technology startup accelerator <keyword id="610465" type="General" weightage="100" keywordseo="y-combinator" source="Orion">Y Combinator</keyword> is laying off 17 employees -- or 20 per cent of its staff -- as it announced to scale back late-stage funding. The layoffs came as Y Combinator, which has invested in thousands of startups including at least 200 from India, wrote a petition to US Treasury Secretary <keyword id="116249" type="General" weightage="50" keywordseo="janet-yellen" source="Orion">Janet Yellen</keyword> and others in the wake of the <keyword id="630197" type="General" weightage="50" keywordseo="silicon-valley-bank" source="Orion">Silicon Valley Bank</keyword> (<keyword id="675965" type="General" weightage="80" keywordseo="svb" source="Orion">SVB</keyword>) collapse, asking them to prevent shockwaves that could lead to financial crisis and layoffs of more than 100,000 workers. The company, however, said the layoffs were planned before the SVB collapse. Y Combinator CEO <keyword id="4836111" type="General" weightage="50" keywordseo="garry-tan" source="Orion">Garry Tan</keyword> said in a statement that YC is rightly known for early stage investing. "In recent years, we have also done some late-stage investing. But late-stage investing turned out to be so different from early-stage investing that we found it to be a distraction from our core mission. So we're going to decrease the amount of late stage investing we do," he mentioned. As a result, "we will no longer need some of the roles on the late stage investing team. Seventeen of our teammates are impacted today," <keyword id="52681" type="General" weightage="80" keywordseo="tan" source="Orion">Tan</keyword> wrote. The YC CEO said this shouldn't have any noticeable effect on the companies it has funded. "YC is known primarily as a place where very early founders create something from nothing by simply applying online and joining the world's best founder community," said Tan. Over 1,200 CEOs and founders representing over 56,000 employees had signed the YC petition to save startups and hundreds of thousands of jobs. In the Y Combinator community, one-third of startups with exposure to SVB used SVB as their sole bank account. SEE ALSO: <a href="https://www.businessinsider.in/business/news/pristyn-care-has-reportedly-fired-300-employees/articleshow/98514449.cms">Health-tech startup Pristyn Care has reportedly fired 300 employees in the last two months</a> <a href="https://www.businessinsider.in/science/health/news/you-are-not-safe-from-air-pollution-anywhere-in-the-world-finds-a-new-study/articleshow/98471370.cms">You are not safe from air pollution anywhere in the world, finds a new study</a>

Y Combinator lays off 20% staff, scales back on late-stage investments

As the collapse of <keyword id="630197" type="General" weightage="50" keywordseo="silicon-valley-bank" source="Orion">Silicon Valley Bank</keyword> (<keyword id="675965" type="General" weightage="100" keywordseo="svb" source="Orion">SVB</keyword>) in the US left the Indian startup ecosystem worried, Union Minister of State for Electronics and IT, <keyword id="205969" type="General" weightage="50" keywordseo="rajeev-chandrasekhar" source="Orion">Rajeev Chandrasekhar</keyword>, on Sunday said he will hold a meeting with the startup Founders and CEOs next week to see how the government can help them during the crisis. The bank's collapse is going to impact several startups in India which have exposure to its investments and have parked their funds in the bank. "The @SVB_Financial closure is certainly disrupting startups across the world. Startups are an important part of #NewIndia Economy," Chandrasekhar said in a tweet. The minister said he will meet with the Indian startups next week "to understand the impact on them and how the Narendra Modi government can help them "during this crisis." According to recent data by global software-as-a-service (SaaS)-based market intelligence platform Tracxn, SVB had exposure in at least 21 startups in India although it did not reveal the size of the investment in these startups. Top venture capitalist (VC) firms have also issued a joint statement on the collapse of SVB, one of the largest US banks serving the global startup community, saying they are "deeply disappointing and concerning". According to reports, SVB was a bank to more than 2,500 venture capital firms, including Lightspeed, <keyword id="6581358" type="General" weightage="50" keywordseo="bain-capital" source="Orion">Bain Capital</keyword> and Insight Partners. On Friday, the <keyword id="905063" type="General" weightage="50" keywordseo="us-federal-deposit-insurance-corporation" source="Orion">US Federal Deposit Insurance Corporation</keyword> (FDIC) took control of the SVB's $175 billion in customer deposits. US-based technology startup accelerator Y Combinator, which has invested in thousands of startups, including at least 200 from India, has written a petition to US Treasury Secretary Janet Yellen and others, asking them to prevent further shockwaves that could lead to financial crisis and layoffs of more than 100,000 workers. Over 1,200 CEOs and founders representing over 56,000 employees have already signed the petition, written by Garry Tan, CEO and President of Y Combinator, to save startups and hundreds of thousands of jobs. SEE ALSO: <a href="https://www.businessinsider.in/international/news/us-bank-svb-taken-over-is-largest-failure-since-2008/articleshow/98560513.cms">US bank SVB taken over is largest failure since 2008</a> <a href="https://www.businessinsider.in/careers/news/meta-to-begin-laying-off-another-11k-employees-in-multiple-waves-next-week/articleshow/98558203.cms">Meta to begin laying off another 11K employees in multiple waves next week</a> <a href="https://www.businessinsider.in/entertainment/news/not-just-game-of-thrones-144-hbo-originals-are-exiting-disney-hotstar/slidelist/98541137.cms">HBO Originals White Lotus, Big Little Lies &amp; more that’ll vanish from Disney+ Hotstar</a>

You Searched For "svb" and got 7 results

SVB solution ensures taxpayer dollars are not put at risk: President Biden

PTI

HSBC acquires UK arm of Silicon Valley Bank for £1

IANS

Everyone's freaking out about SVB because everyone else is freaking out about SVB

Dan DeFrancesco

Picking up the pieces in the wake of SVB's collapse

Dan DeFrancesco

First Citizens Bank reaches deal to purchase deposits, loans of Silicon Valley Bank

IANS

Y Combinator lays off 20% staff, scales back on late-stage investments

IANS

SVB collapse: Minister Chandrasekhar to meet Indian startups to see how govt can help them

IANS

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