<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

Amid the US administration's move to backstop collapsed <keyword id="630197" type="General" weightage="80" keywordseo="silicon-valley-bank" source="Orion">Silicon Valley Bank</keyword>'s (<keyword id="675965" type="General" weightage="100" keywordseo="svb" source="Orion">SVB</keyword>) deposits, IT minister <keyword id="7796574" type="General" weightage="80" keywordseo="ashwini-vaishnaw" source="Orion">Ashwini Vaishnaw</keyword> has said the developments are "reassuring" and will bring relief to startups. The <keyword id="60973" type="General" weightage="80" keywordseo="biden" source="Orion">Biden</keyword> administration in the US has announced that depositors of the failed Silicon Valley Bank will have access to their money from Monday. Federal regulators have stepped to back all SVB deposits. "SVB resolution is reassuring. (It) will bring relief to startups," <keyword id="11940467" type="General" weightage="80" keywordseo="vaishnaw" source="Orion">Vaishnaw</keyword> told PTI. US President Joe Biden on Monday sought to reassure Americans that they can have confidence that the US banking system is "safe" and vowed stricter bank regulation after a string of bank failures raised concerns about the nation's financial stability. After receiving recommendations from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, and consulting with the president, US Treasury Secretary Janet Yellen on Sunday approved actions enabling the FDIC to complete its resolution of the Santa Clara, California-based Silicon Valley Bank in a manner that fully protects all depositors. Shock waves from the fall of Silicon Valley Bank, however, continued to roil global bank stocks as assertions from President Biden and regulators did little to soothe broader market worries. However, the US administration's stance did bring much-needed hope to startups which have been grappling with ways to retrieve deposits locked with the California lender. Startups are working with Indian and international banks to figure out ways to move their funds after the US regulator made accounts accessible to depositors. Banks are in talks with startups to expedite account opening at bank branches at International Financial Services Centre in Gujarat's Gift City. Startups, who banked with SVB but have accounts in alternate US banks, are looking to shift funds. The failure of Silicon Valley Bank last week left many startups, tech companies, entrepreneurs and VC funds nervous and jittery. 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 FDIC as its receiver. SVB was deeply entrenched in the tech startup ecosystem and the default bank for many high-flying startups. Its abrupt fall marked 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. The UK government announced on Monday that it has facilitated London-based banking major <keyword id="6358584" type="General" weightage="50" keywordseo="hsbc" source="Orion">HSBC</keyword> to buy the embattled UK arm of Silicon Valley Bank for 1 pound, securing the deposits of more than 3,000 customers worth around 6.7 billion pounds. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/hp-introduces-new-chromebook-with-improved-performance-in-india/articleshow/98627007.cms">HP introduces new Chromebook with improved performance in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/wholesale-inflation-falls-to-2-year-low-of-3-85-in-february/articleshow/98627769.cms">Wholesale inflation falls to 2-year low of 3.85% in February</a>

SVB resolution reassuring, will bring relief to startups: IT minister Ashwini Vaishnaw

<ul class="summary-list"><li>US stock futures traded mixed after the US bailed out SVB's depositors late Sunday night.</li><li>The Biden administration said Sunday that the failed bank's customers would be made whole.</li></ul>US stock futures traded higher but erased most of their early gains Monday as big banks continued to struggle after <a href="https://markets.businessinsider.com/news/stocks/svb-silicon-valley-bank-collapse-jpmorgan-morgan-stanley-bank-stocks-2023-3?_gl=1*1gwpfmq*_ga*MTgxNTI4ODA2Ni4xNjM0MDMzNTYz*_ga_E21CV80ZCZ*MTY3ODY5ODU4NS4zMzMuMS4xNjc4NzAxODU5LjAuMC4w">SVB Financial's collapse</a>.Benchmark <a href="https://markets.businessinsider.com/futures/s&amp;p-500-futures">S&amp;P 500 futures</a> rose 0.03% and <a href="https://markets.businessinsider.com/futures/nasdaq-100-futures">Nasdaq Composite futures</a> jumped 0.60%, but contracts on both indexes briefly traded in the red Monday after giving up most of the gains they had made earlier in the morning. The <a href="https://markets.businessinsider.com/futures/dow-futures">Dow Jones Industrial Average</a> was on pace to shed 90 points at the opening bell.Those moves came after Treasury Secretary Janet Yellen, Federal Reserve chair Jerome Powell, and Federal Deposit Insurance Corporation (FDIC) chairman Martin J. Gruenberg said in a <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm" target="_blank" rel="noopener">joint statement</a> that the FDIC would guarantee deposits for customers of SVB and Signature Bank, which <a href="https://www.businessinsider.com/signature-bank-shut-down-by-regulators-depositors-bailed-out-2023-3">regulators shut down</a> on Sunday.SVB's collapse Friday rattled financial markets by dragging on big bank stocks, <a href="https://markets.businessinsider.com/news/stocks/jpmorgan-bank-of-america-biggest-banks-market-cap-value-wipeout-2023-3?_gl=1*1adgvbw*_ga*MTgxNTI4ODA2Ni4xNjM0MDMzNTYz*_ga_E21CV80ZCZ*MTY3ODY5ODU4NS4zMzMuMS4xNjc4Njk4NzE2LjAuMC4w">wiping $55 billion in market value off Wall Street's top four banks</a> in a single day.The struggles of the so-called "big four" continued Monday, with <a href="https://markets.businessinsider.com/stocks/bac-stock">Bank of America</a> leading big banks' losses with a 3.8% plunge. <a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a> fell 0.9%, <a href="https://markets.businessinsider.com/stocks/wfc-stock">Wells Fargo</a> slipped 3%, and <a href="https://markets.businessinsider.com/stocks/ms-stock">Morgan Stanley</a> dropped 1.1% ahead of the opening bell.Elsewhere in banking, <a href="https://markets.businessinsider.com/stocks/frc-stock">First Republic Bank</a> plunged 65% in Monday's premarket after it said in a Sunday night statement that it had $70 billion in unused liquidity from agreements with the Federal Reserve and JPMorgan amid an ongoing crunch. Swiss-listed <a href="https://markets.businessinsider.com/stocks/cs-stock">Credit Suisse</a> shares fell 11.6% to hit a new all-time low as fears about contagion spread.But bond prices rallied Monday with investors betting that the Fed will ease up quicker than expected on its interest-rate hiking campaign in a bid to prevent contagion from SVB's collapse spreading across financial markets.Yields on <a href="https://markets.businessinsider.com/rates/u-s--rates-2-years">2-year US Treasury notes</a> fell over 39 basis points to 4.19% on Monday - it's biggest one-day drop since the financial crisis of 2008.Meanwhile yields on <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years">10-year US Treasury notes</a> were down 10 basis points to 3.60%. Bond prices rise when yields fall."A big steepening, with investors reassessing how far the Fed will go now given the news," Deutsche Bank managing director Jim Reid said in a Monday research note.Here's what else is happening in markets this morning:<ul><li>Europe's flagship <a href="https://markets.businessinsider.com/index/stoxx_europe_600">Stoxx 600</a> fell 1.9%, with Paris' <a href="https://markets.businessinsider.com/index/cac_40">CAC 40</a> down 2.1% and Frankfurt's <a href="https://markets.businessinsider.com/index/dax">DAX 40</a> slipping 2.4%. London's <a href="https://markets.businessinsider.com/index/ftse_100">FTSE 100</a> fell 1.8%, despite <a href="https://www.businessinsider.com/silicon-valley-bank-uk-unit-sale-hsbc-svb-svb-sivb-2023-3">SVB agreeing to sell its UK unit to HSBC</a> for just 1 pound ($1.21).</li><li>Asian stocks finished the day mixed, with Tokyo's <a href="https://markets.businessinsider.com/index/nikkei_225">Nikkei 225</a> falling 1.1% but the <a href="https://markets.businessinsider.com/index/shanghai_composite">Shanghai Composite</a> jumping 1.2% and the Hong Kong <a href="https://markets.businessinsider.com/index/hang_seng">Hang Seng</a> up 2% at the closing bell.</li><li>The dollar slipped as investors bet on fewer rate hikes, with the <a href="https://markets.businessinsider.com/index/us-dollar-index">US dollar index</a> – which tracks the greenback against a basket of six other currencies – down 0.4% to just over 104.</li><li>Digital assets rallied as investors' hopes of the Fed easing up outweighed the collapse of crypto-friendly banks Silvergate and Signature last week. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> jumped 3.3% to over $22,000 in early-morning trading Monday.</li></ul>

Stocks on Wall Street battle for direction as SVB's failure ignites fears for banks

<ul class="summary-list"><li>Silicon Valley Bank's UK unit has been sold to HSBC for 1 British pound, or $1.21.</li><li>The UK government and the Bank of England facilitated the private sale, Chancellor Jeremy Hunt said.</li></ul>HSBC has acquired Silicon Valley Bank's UK unit for 1 British pound, or $1.21, according to a <a href="https://www.investegate.co.uk/hsbc-holdings-plc/rns/hsbc-acquires-silicon-valley-bank-uk/202303130700087216S/" target="_blank" rel="noopener">statement</a> from the bank Monday.The UK government and the Bank of England facilitated the private sale, British Chancellor Jeremy Hunt said on <a href="https://twitter.com/Jeremy_Hunt/status/1635173913545302016" target="_blank" rel="noopener">Twitter.</a>"Deposits will be protected, with no taxpayer support," Hunt said.<blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">—Jeremy Hunt (@Jeremy_Hunt) <a href="https://twitter.com/mims/statuses/1635173913545302016">March 13, 2023</a></blockquote>"This acquisition makes excellent strategic sense for our business in the UK," HSBC CEO Noel Quinn said in the bank's statement. Silicon Valley Bank's UK unit tangible equity is expected to be around 1.4 billion pounds.The acquisition of Silicon Valley Bank's UK unit came after the <a href="https://www.bankofengland.co.uk/news/2023/march/boe-statement-silicon-valley-bank-uk" target="_blank" rel="noopener">Bank of England</a> said Friday it would place the subsidiary into insolvency procedure. The UK central bank added at the time Silicon Valley Bank's UK unit "has a limited presence in the UK and no critical functions supporting the financial system." Silicon Valley Bank's UK branch is a standalone entity with its own balance sheet and governance structure, <a href="https://www.businessinsider.com/svb-european-vcs-urge-portcos-pull-funds-from-troubled-lender-2023-3">per Erin Platts,</a> the bank's UK CEO and head of Europe, Middle East, and Africa.Silicon Valley Bank UK had 5.5 billion pounds of loans and 6.7 billion pounds of deposits as of March 10, 2023, per HSBC. It recorded a profit before tax of 88 million pounds in 2022.The developments across the Atlantic followed the closure of the bank's California-based parent <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-failure-fdic-wall-street-regulator-finance-investing-2023-3" target="_blank" rel="noopener noreferrer">by regulators</a> on Friday. It has since been taken over by the Federal Deposit Insurance Corporation (FDIC). Share prices of SVB Financial Group, the bank's holding company, <a href="https://www.businessinsider.com/svb-failure-what-the-hell-happened-2023-3" target="_blank" rel="noopener noreferrer">had collapsed</a> following a failed $2.3 billion capital raise.

Silicon Valley Bank's UK unit has been sold to HSBC for $1.21

<ul class="summary-list"><li>First Republic and other bank stocks jumped Monday on news that SVB has a buyer.</li><li>First Citizens Bank has agreed to buy much of Silicon Valley Bank's assets, the FDIC said.</li></ul><a href="https://markets.businessinsider.com/stocks/frc-stock?utm_medium=ingest&amp;utm_source=markets">First Republic Bank</a> shares rose as much as 18% on Monday after news that collapsed Silicon Valley Bank has finally found a buyer after a two-week search.<a href="https://www.businessinsider.com/first-citizens-buys-silicon-valley-bank-2023-3">First Citizens Bank has agreed to purchase</a> a big chunk of SVB's assets and will take on all of its deposits and loans, the <a href="https://www.fdic.gov/news/press-releases/2023/pr23023.html" target="_blank" rel="noopener">FDIC said</a> late Sunday. The agency has been seeking a buyer since seizing the California-based lender over two weeks ago.Shares of <a href="https://markets.businessinsider.com/stocks/frc-stock?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener noreferrer">First Republic Bank</a> were up about 18% at $14.63 soon after the open Monday, after rising almost 30% in premarket trading. Embattled FRB itself secured a <a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-svb-morgan-stanley-jpmorgan-talks-financial-aid-2023-3?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">$30 billion rescue package from larger rivals</a> last week, and its shares are down nearly 88% this year so far.San Francisco-based First Citizens Bank &amp; Trust Co. has agreed to acquire about $72 billion of assets at a discount of $16.5 billion from Silicon Valley Bridge Bank, which was set up by the FDIC to protect the failed SVB's customer deposits. The FDIC will hold onto another $90 billion in assets.First Citizens Bancshares's share price was up 43% at $832.64 at last check after the news Monday. The stock is up 10% year to date.The SVB deal has further helped settle jitters about the health of the banking sector after the collapse of the California lender and the forced takeover of Credit Suisse by UBS."Helping to repair sentiment towards the sector was the news that First Citizens Bank is to buy $72 billion of Silicon Valley Bank assets at a discount of $16.5 billion. Together with HSBC's purchase of SVB's UK operations and UBS' takeover of Credit Suisse, investors will be hoping for some stability from now on in the broader sector," Russ Mould, investment director at AJ Bell, said in a note.First Republic's gains led a pack of US regional bank stocks higher, after they were hit hard by the banking turmoil that rippled through the market this past month. PacWest added 4%, Western Alliance Bancorp rose 6%, and Zions Bancorp was up 3.6% on Monday.SVB was shut down and taken over by regulators on March 10 after a historic bank run on its deposits that sent shockwaves through the US banking system. The uptick in regional bank stocks now reflect an easing in investor fears of further banking turmoil.

First Republic stock jumps 18% to lead regional bank shares higher after SVB finds a buyer

<ul class="summary-list"><li>Investors should prepare for at least six months of dollar weakness, according to HSBC.</li><li>Strategists warned that stagnating US growth and the end of the Federal Reserve's rate-hiking campaign will both weigh on the greenback.</li><li>"Slowing US growth and peak rates should cause the US dollar to start trending down again," they said.</li></ul>Investors should prepare for a period of <a href="https://markets.businessinsider.com/index/us-dollar-index?utm_medium=ingest&amp;utm_source=markets">US dollar</a> weakness from the middle of this year onward, according to HSBC Global Private Banking.The greenback will likely be dragged lower by an economic slowdown in the US and the Federal Reserve winding down its campaign of interest-rate increases in the second half of 2023, strategists said in a research note published Wednesday."Slowing US growth and peak rates should cause the US dollar to start trending down again," a team led by the London-based bank's CIO for private banking Willem Sels said, adding that they expect to see most of those declines between the start of the third quarter and the end of the year.The <a href="https://markets.businessinsider.com/index/us-dollar-index?utm_medium=ingest&amp;utm_source=markets">US Dollar Index</a>, which tracks the greenback's strength against a basket of six other currencies including the <a href="https://markets.businessinsider.com/currencies/eur-usd">euro</a> and the <a href="https://markets.businessinsider.com/currencies/usd-jpy">Japanese yen</a>, has slipped less than 1% year-to-date, which Sels' team described as being "more resilient than expected".But they're expecting the US currency to struggle from July onward due to the Fed potentially pausing its rate hikes – and the US economy starting to feel the full impact of its tightening campaign. The US central bank has boosted borrowing costs by 475 basis points over the past year to curb inflation.Over 50% of traders expect the central bank to hold rates at their current level of around 5% when it next meets on May 3, according to <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener">CME Group's Fedwatch tool</a>.Many investors have pared their bets for further rate hikes since the collapse of SVB Financial earlier this month fueled turmoil in the US's regional banking sector.That's likely to weigh on the dollar because when interest rates stay at the same level, the currency becomes less attractive to foreign traders who are seeking higher yields.HSBC also expects US economic growth to flatten over the rest of 2023 as the economy starts to feel <a href="https://markets.businessinsider.com/news/stocks/ftx-svb-stock-market-crash-bond-selloff-federal-reserve-hiking-2023-3">the full effect of the Fed's rate hikes over the past 12 months</a>.That weakness could also drag on the dollar, which is often seen as a reflection of investors' confidence in the US economy."In the short term, lingering inflation pressures may keep the focus on the hawkish Fed tone, though the recent turmoil in the US banking and IT sector has reduced the number of hikes the market is expecting from here," Sels' team said."In the long run, the large cumulative policy tightening and the impact of increased uncertainty on business sentiment should compress US growth, and we think that it will become more difficult for the US economy to continue to outperform other Western economies," they added.Read more: <a href="https://markets.businessinsider.com/news/stocks/house-price-outlook-economy-recession-real-estate-yale-robert-shiller-2023-3?_gl=1*zf19wi*_ga*MTgxNTI4ODA2Ni4xNjM0MDMzNTYz*_ga_E21CV80ZCZ*MTY4MDA3NzQ3NC4yMS4xLjE2ODAwNzk2MzEuNjAuMC4w">House prices are still very high – so hold off on buying as the US economy will keep struggling, Yale economist Robert Shiller says</a>

Brace for an extended period of dollar weakness as the US economy is set to slow and the Fed will end rate hikes, HSBC says

Hey there! <a href="https://twitter.com/dandefrancesco">Dan DeFrancesco</a> in NYC.When federal regulators <a href="https://www.businessinsider.com/us-government-bails-out-silicon-valley-bank-depositors-fdic-2023-3">stepped in to guarantee deposits</a> at Silicon Valley Bank and Signature Bank late Sunday (<a href="https://www.businessinsider.com/why-silicon-valley-bank-customers-were-bailed-out-2023-3">more on that here</a>), the goal was simple: Ease the public concerns and calm the markets. Not so fast, my friend!There was <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-run-collapse-contagion-failure-bailout-financial-crisis-2023-3?_gl=1*86xu08*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY3ODcyNTIyNC40ODMuMS4xNjc4NzM4MzkyLjAuMC4w">plenty of pain to be felt in the markets</a> Monday, specifically <a href="https://markets.businessinsider.com/news/stocks/svb-collapse-first-republic-western-alliance-zions-pacwest-biden-investors-2023-3?utm_medium=ingest&amp;utm_source=markets">among regional banks.</a> So, what are you waiting for? Let's get into it. <hr />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>.<hr /><a href="https://www.businessinsider.com/jpmorgan-big-banks-benefit-from-silicon-valley-bank-collapse-2023-3" target="_blank" rel="noopener"></a>1. So about that auction... SVB Financial Group, the parent company of Silicon Valley Bank, is still looking for a buyer. There was at least one bidder in Sunday night's auction, but it was turned down by the FDIC. <a href="https://www.businessinsider.com/svb-auction-bidders-fdic-potential-buyers-2023-3">More on what comes next and who could still end up buying SVB.</a>2. And so begins the fight for $200 billion in deposits. The downfall of SVB means that plenty of people and startups are looking for a new bank. <a href="https://www.businessinsider.com/jpmorgan-big-banks-benefit-from-silicon-valley-bank-collapse-2023-3">Here's an inside look at where they are headed.</a>3. Who comes out on top from all this? It might seem crass to think about winners and losers, but this is Wall Street. Here's a rundown of the people and firms that are better off now than they were a week ago, and the ones who faced a setback. <a href="https://www.businessinsider.com/silicon-valley-bank-failure-bailout-winners-losers-2023-3">Check out the full list here.</a>4. <a href="https://www.youtube.com/watch?v=SHhrZgojY1Q">Won't get fooled again.</a> After a tumultuous weekend when they saw their startups' lives flash before their eyes, nine founders who banked at SVB <a href="https://www.businessinsider.com/startup-founders-new-banks-collapse-silicon-valley-bank-2023-3">share where they are moving their money.</a> Meanwhile, one tech founder's experience dealing with the SVB <a href="https://www.businessinsider.com/chaos-as-startup-founder-impacted-by-silicon-valley-bank-collapse-2023-3">led to an existential crisis.</a>5. Read this if you're a worrywart. A couple banks failing doesn't instill confidence in the wider financial markets. But, rest assured, SVB's blowup is a far cry from the 2008 financial crisis. <a href="https://www.businessinsider.com/svb-bailout-wont-cause-great-recession-silicon-valley-bank-2023-3">Here's why.</a>6. Meanwhile, in the UK. Silicon Valley Bank's UK arm was sold to HSBC for roughly $1 (no, I'm not missing any zeros). <a href="https://www.businessinsider.com/wild-weekend-ended-in-svb-uk-hsbc-sale-2023-3">Here's an inside look at the wild weekend it took to get the deal done.</a>7. Silicon Valley Bank died so interest-rate hikes would stop. SVB's failure could put an end to the aggressive rate hikes that have plagued the market for nearly a year. <a href="https://markets.businessinsider.com/news/stocks/why-silicon-valley-bank-collapse-good-for-stock-market-rates-2023-3?_gl=1*256kyu*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY3ODcyNTIyNC40ODMuMS4xNjc4NzM4MzgyLjAuMC4w">Some silver linings on why SVBs downfall might help the market in the long run.</a>8. The politicians are weighing in. Republicans are criticizing the bailout <a href="https://www.businessinsider.com/silicon-valley-bank-bailout-prioritizes-rich-republican-lawmakers-svb-collapse-2023-3">for benefiting the rich</a> and pointing to SVB's <a href="https://www.businessinsider.com/republicans-blame-woke-politics-for-silicon-valley-banks-collapse-2023-3">"woke" politics as the reason for its downfall</a>. Democrats are blaming Trump-era regulations <a href="https://www.businessinsider.com/silicon-valley-bank-collapse-what-is-dodd-frank-trump-rollback-2023-3">for setting the stage for the collapse.</a> And Democratic Sen. Elizabeth Warren doesn't understand <a href="https://www.businessinsider.com/svb-bailout-elizabeth-warren-student-loan-borrowers-limbo-banks-2023-3">why bank customers get a bailout but not student loan borrowers.</a>9. This ain't your grandparents bank run. An interesting piece of the SVB failure was how quickly it all occurred. That's thanks in large part to a banking system that's largely digital. <a href="https://www.businessinsider.com/svb-decimated-24-hours-digital-banking-trump-regulatory-rollbacks-2023-3">More on why the digital age for a lender is also a dangerous one.</a>10. One SVB asset that's not in decline: <a href="https://www.google.com/search?q=swag+youtube+office+&amp;ei=XI4PZJePKLaZptQPiICjoAk&amp;ved=0ahUKEwiXrZXw5dn9AhW2jIkEHQjACJQQ4dUDCBA&amp;uact=5&amp;oq=swag+youtube+office+&amp;gs_lcp=Cgxnd3Mtd2l6LXNlcnAQAzIFCCEQoAEyBQghEKABMgUIIRCgATIFCCEQqwI6CggAEEcQ1gQQsAM6BwgAELADEEM6CQgAELADEAoQQzoICAAQFhAeEAo6BggAEBYQHjoKCAAQFhAeEA8QCjoICAAQFhAeEA86BQgAEIYDOggIIRAWEB4QHToKCCEQFhAeEA8QHUoECEEYAFCgEFj9H2DvIWgGcAF4AIABrgGIAeYJkgEDMy44mAEAoAEByAEKwAEB&amp;sclient=gws-wiz-serp#fpstate=ive&amp;vld=cid:4470b349,vid:F4GHqevhsqk">company swag</a>. From cardboard boxes to wine tumblers, anything with an SVB logo is being put up for sale on eBay. <a href="https://www.businessinsider.com/silicon-valley-bank-branded-merch-ebay-box-wine-cooler-hat-2023-3">Check out some of the stuff here.</a><hr />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=640f7e2c32953047ec597396&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.

Wall Street reacts to Silicon Valley Bank's bailout

What a weekend! <a href="https://twitter.com/dandefrancesco">Dan DeFrancesco</a> in NYC. What do you think we've got for stories today? It's all about <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-failure-fdic-wall-street-regulator-finance-investing-2023-3?_gl=1*12f9wsk*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY3ODY0MzE3Mi40NzkuMS4xNjc4NjQ0MjE4LjAuMC4w">Silicon Valley Bank going down</a> and the knock-on effects.If you're not up to speed, here's a quick rundown on <a href="https://www.businessinsider.com/svb-failure-what-the-hell-happened-2023-3?_gl=1*1bwekvy*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY3ODYyODQ0MC40NzcuMC4xNjc4NjI4NDQxLjAuMC4w">what the hell happened at Silicon Valley Bank.</a>In short, SVB built a reputation over the past 40 years catering to the tech community. But a perfect storm of rising interest rates, poor financial decisions, a terrible market for tech, and a bank run led to SVB's downfall essentially overnight. With $209 billion in assets at the end of 2022, it's the biggest US bank collapse since Washington Mutual, which had $307 billion in assets <a href="https://www.businessinsider.com/silicon-valley-bank-svb-biggest-bank-failure-since-2008-crisis-2023-3">before it went down in 2008.</a> However, SVB is a particularly scary situation since nearly 90% of its deposits <a href="https://www.businessinsider.com/silicon-valley-bank-svb-particularly-scary-bank-failure-why-2023-3">were uninsured by the FDIC due to the size of the accounts.</a>There were lots of knock-on effects that had people worried, the most pressing of which was how startups who banked with SVB would get their money in time to pay employees this week (more on that below).However, federal regulators quelled those concerns when it announced Sunday night <a href="https://www.businessinsider.com/us-government-bails-out-silicon-valley-bank-depositors-fdic-2023-3">it was bailing out SVB customers.</a> The US Treasury, Federal Reserve Board, and the Financial Deposit Insurance Corporation announced they would "fully protect" all depositors who had funds in Silicon Valley Bank. All their money would be available starting Monday.New York's Signature Bank was also <a href="https://www.businessinsider.com/signature-bank-shut-down-by-regulators-depositors-bailed-out-2023-3">closed by regulators over the weekend</a>, but those depositors will also be made whole, per the announcement.Regulators also made one thing clear with their announcement: "No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer."News broke this morning that <a href="https://newsletter.businessinsider.com/click/30815769.112821/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9zaWxpY29uLXZhbGxleS1iYW5rLXVrLXVuaXQtc2FsZS1oc2JjLXN2Yi1zdmItc2l2Yi0yMDIzLTM_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1PcGVuaW5nX2JlbGw/62667762063d6b9bef0cffb3Bf9e445dd" target="_blank" rel="noopener">HSBC has bought the UK arm of SVB</a> in a last-minute deal for 1 British pound, or $1.21. The UK government and the Bank of England facilitated the private sale, British Chancellor <a href="https://newsletter.businessinsider.com/click/30815769.112821/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9zaWxpY29uLXZhbGxleS1iYW5rLXVrLXVuaXQtc2FsZS1oc2JjLXN2Yi1zdmItc2l2Yi0yMDIzLTM_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1PcGVuaW5nX2JlbGw/62667762063d6b9bef0cffb3Cf9e445dd" target="_blank" rel="noopener">Jeremy Hunt said on Twitter</a>: "Deposits will be protected, with no taxpayer support".As for the fate of the rest of SVB, that still remains to be seen. <a href="https://www.businessinsider.com/who-will-buy-svb-silicon-valley-bank-acquisition-2023-3">Here's some potential options on the likely candidates who could buy the bank.</a>You can <a href="https://newsletter.businessinsider.com/click/30815769.112821/aHR0cHM6Ly9tYXJrZXRzLmJ1c2luZXNzaW5zaWRlci5jb20vbmV3cy9zdG9ja3Mvc2lsaWNvbi12YWxsZXktYmFuay1zdmItbGl2ZS1ibG9nLWZlZC1mZGljLWJhaWxvdXQtZXhwZXJ0cy0yMDIzLTM_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1PcGVuaW5nX2JlbGw/62667762063d6b9bef0cffb3Bf9981e8a" target="_blank" rel="noopener">follow our live coverage of the SVB saga here</a>.Alright, buckle up and let's get into it. <hr />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>.<hr /><a href="https://www.businessinsider.com/svb-employees-respond-to-the-banks-sudden-failure-2023-3" target="_blank" rel="noopener"></a>1. First up, here's a rundown of how it all went terribly wrong for Silicon Valley Bank. Inside the lead up and eventual failure of the tech industry's favored bank. <a href="https://www.businessinsider.com/how-silicon-valley-bank-imploded-2023-3">Here's how it all went down.</a>2. Meanwhile, SVB employees had mixed reactions in the wake of the failure. While some <a href="https://www.businessinsider.com/married-couple-both-work-at-silicon-valley-bank-are-grieving-2023-3">grieved the loss</a>, others looked to refresh their resumes <a href="https://www.businessinsider.com/svb-employees-respond-to-the-banks-sudden-failure-2023-3">or just headed to a familiar bar for young Wall Streeters.</a> It's not all bad news, as the employees <a href="https://www.businessinsider.com/silicon-valley-bank-workers-paid-bonuses-hours-before-collapsed-report-2023-3">still reportedly got paid their bonuses hours before the bank got shutdown</a>. (To be fair, this was for 2022 work and reportedly scheduled days ago.)3. The Goldman Sachs angle. One of the most powerful banks on the Street also got involved with SVB amid the madness. Goldman helped advise SVB on its disastrous stock offering that was eventually scrapped. <a href="https://www.businessinsider.com/goldman-sachs-svb-silicon-valley-bank-failure-2023-3">These are the details behind Goldman's attempt to help SVB.</a>4. And meanwhile in VC land... A debate has emerged about the amount of blame venture capitalists deserve for their role in SVB's collapse. The VCs who moved quickly to get their cash out were successful, <a href="https://www.businessinsider.com/peter-thiel-founders-fund-pulled-cash-svb-before-collapse-report-2023-3?r=US&amp;IR=T">like Peter Thiel's Founders Fund</a>, and say the responsibility falls solely on the bank. But some VCs claim the panic caused by <a href="https://www.businessinsider.com/vcs-blame-each-other-for-silicon-valley-bank-collapse-2023-3">VCs pushing their founders to withdraw money from the bank played a role.</a> If you're interested, <a href="https://www.businessinsider.com/venture-capitalists-tech-founders-turned-on-silicon-valley-bank-2023-3">here's a take from yours truly on the role VCs played in this debacle.</a>5. For startups, the fall of SVB sent many into a tailspin. In the immediate aftermath, the biggest concern among the startup community is whether or not they'll be able to pay their employees this week. <a href="https://www.businessinsider.com/startups-silicon-valley-bank-worried-wont-pay-employees-next-week-2023-3">More on that here</a>. We've also got reactions from 8 founders about <a href="https://www.businessinsider.com/silicon-valley-bank-collapse-startup-founder-reactions-2023-3">what it's been like trying to get their funds out of SVB.</a> 6. Here's what all the big wigs think. Billionaire investor Bill Ackman is blaming <a href="https://www.businessinsider.com/billionaire-investor-bill-ackman-urges-feds-step-in-svb-collapse-2023-3">the Federal Reserve for not moving quicker</a>. Mark Cuban also <a href="https://www.businessinsider.com/mark-cuban-calls-federal-reserve-buy-silicon-valley-bank-debt-2023-3?r=US&amp;IR=T">has a bone to pick with the Fed.</a> Nobel Prize-winning economist Paul Krugman <a href="https://www.businessinsider.com/paul-krugman-svb-shmoozing-vibes-bank-not-new-lehman-moment-2023-3?r=US&amp;IR=T">has a new name for Silicon Valley Bank.</a> OpenAI CEO Sam Altman let his money do the talking, <a href="https://www.businessinsider.com/sam-altman-sent-money-support-startup-payroll-svb-collapse-report-2023-3">reportedly sending six-figure loans to startups who need help making payroll.</a> And you didn't think something this big would occur <a href="https://www.businessinsider.com/elon-musk-buy-silicon-valley-bank-tesla-investor-no-thanks-2023-3?r=US&amp;IR=T">without a certain tech billionaire inserting himself into the fray.</a>7. One person's pain is another person's gain. Meanwhile, Wall Street found an opportunity in the crisis (surprise!) by offering to buy SVB customers' uninsured deposits for as little as 55 cents on the dollar. <a href="https://www.businessinsider.com/some-svb-customers-taking-big-haircuts-deposits-raise-funds-fast-2023-3">More on the opportunistic dealmakers.</a>8. The SVB blow up isn't just impacting small tech startups. SVB turned out to be a big lender to wineries, <a href="https://www.businessinsider.com/silicon-valley-bank-collapse-wine-industry-napa-valley-cade-surprise-2023-3">loaning out $4 billion to the industry over the past 30 years.</a> Etsy has already told sellers that payments will be delayed <a href="https://www.businessinsider.com/etsy-delays-paying-sellers-because-was-using-silicon-valley-bank-2023-3">because it was using SVB</a> — but sellers say they're <a href="https://www.businessinsider.com/silicon-valley-bank-collapse-etsy-sellers-shutting-stores-2023-3">shutting their stores</a> until the platform clears up any risk of non-payment. Meanwhile, streaming service Roku <a href="https://www.businessinsider.com/roku-held-one-quarter-of-cash-at-silicon-valley-bank-2023-3">had nearly half-a-billion dollars in deposits in the bank when it failed.</a> At least one SVB customer is having fun with it: Popular kids' toy store Camp, which had cash at the bank, <a href="https://www.businessinsider.com/camp-toy-store-bankrun-promo-code-silicon-valley-bank-collapse-2023-3">ran a 40% off sale with the promo code "BANKRUN."</a>9. And about those contagion concerns... Shares in First Republic Bank fell as much as 70% in premarket trading in the wake of SVB's collapse. First Republic, which, like SVB, also has a sizeable portion of deposits that are uninsured, <a href="https://www.businessinsider.com/first-republic-says-liquidity-very-strong-bid-calm-nerves-2023-3" target="_blank" rel="noopener">reassured customers over the weekend that its liquidity remains "very strong."</a> The same could not be said for New York's Signature Bank, <a href="https://www.businessinsider.com/signature-bank-shut-down-by-regulators-depositors-bailed-out-2023-3" target="_blank" rel="noopener">which was closed on Sunday.</a>10. One bright side of all of this: new memes. Despite the seriousness of the issue, the internet didn't pass up an opportunity to make some jokes. <a href="https://www.businessinsider.com/silicon-valley-banks-implosion-has-become-meme-gold-2023-3?r=US&amp;IR=T">Here are some of the best memes that have cropped up as a result of SVB chaos.</a><hr />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=640bb087d013962060333865&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.

Everything you need to know about a crazy weekend in the wake of Silicon Valley Bank's failure

Phew. Hey there. Senior reporter Phil Rosen here. Before we jump into the newsletter, the <a href="https://www.businessinsider.com/silicon-valley-bank-failure-what-happened-bank-run-explained-2023-3">Silicon Valley Bank saga</a> is continuing to unfold, so let's quickly break down the latest.The big story this morning: <a href="https://www.businessinsider.com/silicon-valley-bank-uk-unit-sale-hsbc-svb-svb-sivb-2023-3" target="_blank" rel="noopener">HSBC has bought the UK arm of collapsed SVB</a> in a last-minute deal for 1 British pound, or $1.21. The UK government and the Bank of England facilitated the private sale, British Chancellor <a href="https://www.businessinsider.com/silicon-valley-bank-uk-unit-sale-hsbc-svb-svb-sivb-2023-3">Jeremy Hunt said on Twitter</a>: "Deposits will be protected, with no taxpayer support".Also, if you haven't heard, <a href="https://www.businessinsider.com/signature-bank-shut-down-by-regulators-depositors-bailed-out-2023-3?_gl=1*1rxd03y*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3ODY3Njc4Ni42NzUuMC4xNjc4Njc2Nzg3LjAuMC4w">Signature Bank yesterday became the third bank to fail</a> in the past week, after <a href="https://markets.businessinsider.com/news/stocks/crypto-crash-silvergate-bank-shut-down-liquidate-stock-market-news-2023-3">Silvergate shut down its bank</a> voluntarily.The Treasury, Federal Reserve, and FDIC made a <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm" target="_blank" rel="noopener">joint statement</a> Sunday evening, effectively saying that all <a href="https://www.businessinsider.com/signature-bank-shut-down-by-regulators-depositors-bailed-out-2023-3">depositors for SVB and Signature Bank would be made whole</a>, and that a new facility, the Bank Term Funding Program, would be created to provide liquidity for firms under stress. "No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer," policymakers added.Meanwhile, as the two banks fell under regulatory control, <a href="https://www.businessinsider.com/first-republic-says-liquidity-very-strong-bid-calm-nerves-2023-3?_gl=1*1e7cb1g*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3ODY2MjAzMS42NzMuMC4xNjc4NjYyMDMxLjAuMC4w">First Republic issued a message to clients aimed at calming nerves</a>, saying it still had strong liquidity. In any case, some folks on Wall Street have been telling me that we can chalk up much of the turmoil to <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-sivb-wall-street-reaction-financial-crisis-2023-3">our departure from the easy-money era</a>. More than a decade of near-zero interest rates allowed companies to <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-sivb-wall-street-reaction-financial-crisis-2023-3">borrow money freely</a>, and as far as repercussions go, what we've seen so far could mark only the tip of the iceberg.<hr />If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><hr /><a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-sivb-wall-street-reaction-financial-crisis-2023-3"></a>1. The fall of SVB and Signature bank means the Fed's aggressive interest-rate hiking regime has now taken sizable casualties. The tumult is a byproduct of the central bank's 1,700% increase in rates that took place in less than a year, and it could mean more once-stable institutions could be <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-sivb-wall-street-reaction-financial-crisis-2023-3">turned inside out in the coming months</a>. "<a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-sivb-wall-street-reaction-financial-crisis-2023-3">When you raise interest rates quickly</a>, after 15 years of overstimulating the economy with near-zero rates, to not imagine that there's not leverage in every pocket of society that will be stressed is a <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-sivb-wall-street-reaction-financial-crisis-2023-3">naive imagining</a>," Lundy Wright of Weiss Multi-Strategy Advisors told me. This new rate cycle delivers a "perfect storm," according to Deutsche Bank analysts, who told clients last week that SVB epitomizes <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-collapse-sivb-wall-street-reaction-financial-crisis-2023-3">all the risks worth fretting over</a> in the shifting policy era.In a Sunday note to clients, Goldman Sachs' research team pulled back their Fed policy forecast in response to this weekend's bank failures. "In light of recent stress in the banking system," the analysts wrote, "we no longer expect the FOMC to deliver a rate hike at its March 22 meeting with considerable uncertainty about the path beyond March."In any case, the risk of contagion may not be all that high, as my colleague Matthew Fox writes, given that banks have become <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-failure-collapse-interest-rate-hikes-financial-risks-2023-3">extremely well-capitalized since the Great Financial Crisis</a>. And according to Tut Fuller, chief executive and founder of Capra Bank, if policymakers stick to their word and protect depositors like they said they would, people will have their faith restored. "I'm hopeful that the government's approach of stepping in and protecting depositors, but not bailing out failed executives and boards of directors, actually builds confidence," Fuller told me close to midnight last night. "We need to protect the consumers and businesses who thought their money was safe and hold poor leadership accountable."Here's Deutsche Bank again: "What do you get when you see one of the <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-failure-collapse-interest-rate-hikes-financial-risks-2023-3">biggest hiking cycles on record</a>, alongside one of the most inverted yield curves in history, at the same time as seeing one of the <a href="https://markets.businessinsider.com/news/bonds/silicon-valley-bank-collapse-market-bubble-fed-inflation-interest-rates-2023-3">biggest tech bubbles bursting in history</a>, coupled with runaway growth in private markets?"The answer looks <a href="https://www.businessinsider.com/svb-failure-what-the-hell-happened-2023-3?_gl=1*1u2nsxz*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3ODY3Njc4Ni42NzUuMC4xNjc4Njc3Mjk3LjAuMC4w">something like what transpired this weekend</a>. What's been the most surprising thing to you about the collapse of two banks in three days? Tweet me (<a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a>) or email me (<a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>) to let me know. <hr />In other news:<a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-crisis-markets-vc-firm-stocks-greenoaks-capital-2023-3"></a><div type="image" title="wall street" height="1000" width="2000" msid="98608234" hostid="261"></div>2. Stocks on Wall Street battle for direction as SVB's failure ignites fears for banks. Shares in First Republic Bank fell as much as 60% premarket after the US lender tapped the backstop for a $70 billion to shore up liquidity. <a href="https://markets.businessinsider.com/premarket">Here are the latest market moves</a>. 3. Earnings on deck: Carlsberg, Getty Images Holdings, and more, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting</a>. 4. Morgan Stanley recommended this batch of stocks to profit on an investing strategy that produces positive returns 100% of the time. Here's the approach the strategists laid out — <a href="https://www.businessinsider.com/best-tech-stocks-to-buy-stock-market-rally-morgan-stanley-2023-3">including the 19 names they like now</a>.5. A $15 billion venture capital firm had warned its startups of Silicon Valley Bank's red flags months ago. Greenoaks Capital Partners told clients in an email back in November that SVB, as well as other firms, could see problems in a high-interest-rate environment, Bloomberg reported. <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-crisis-markets-vc-firm-stocks-greenoaks-capital-2023-3">Those clients pulled over $1 billion in funds out of the bank ahead of the turmoil.</a> 6. Investing veteran Jeremy Grantham said the stock market bubble is still deflating. The market won't bottom until 2024, and investors shouldn't be fooled by any rallies that materialize, the GMO co-founder said. <a href="https://markets.businessinsider.com/news/stocks/jeremy-grantham-stock-market-bubble-fed-horror-show-interest-rates-2023-3">He blasted the Fed's monetary policy as a 36-year-long "horror show."</a>7. The bank crisis will force the Fed to slash rates by 100 basis points to prevent contagion. That's according to market guru Larry McDonald. <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-crisis-fed-rate-cuts-bank-run-contagion-2023-3">He said it was the Fed that effectively caused the dramatic bank run last week.</a>8. This real estate investor owns over 1,250 units. He was able to retire at age 36 through leveraging the cash flow from his properties. Here are the five pillars that he says drive wealth — <a href="https://www.businessinsider.com/real-estate-investing-strategy-growing-wealth-cash-flow-appreciation-leverage-2023-3">and how investors can combine them to compound their income and reach financial freedom.</a>9. An investing expert who says "cash is king" doesn't think it's time to get into the stock market right now. Lauren Simmons recommends instead putting your money into Treasuries, CDs, and high-yield savings accounts <a href="https://www.businessinsider.com/investing-expert-lauren-simmons-how-where-to-invest-right-now-2023-3">because that's how you can be best prepared to jump on new opportunities after a recession.</a><a href="https://markets.businessinsider.com/news/currencies/crypto-bitcoin-silicon-valley-bank-svb-customer-bailout-regulators-2023-3"></a><div type="image" title="Bitcoin price" height="1102" width="1342" msid="98608236" hostid="261"></div>10. Bitcoin and other risk-assets stumbled amid bank fears. The crypto industry is navigating fresh pain as Silvergate prepares to wind down and other financial firms face snags. Bitcoin dropped below $20,000 last week, but is now back above $22,000. <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-20000-silvergate-ether-silicon-valley-bank-turmoil-markets-2023-3">Here's what caused Friday's drop</a>. <hr />Curated by Phil Rosen in New York. Feedback or tips? Tweet <a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a> or email <a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>.Edited by Max Adams (<a href="https://twitter.com/maxradams?lang=en" target="_blank" rel="noopener">@maxradams</a>) in New York and Hallam Bullock (<a href="https://twitter.com/hallam_bullock" target="_blank" rel="noopener">@hallam_bullock</a>) in London.

Two big Silicon Valley banks failed when the easy money ran out - and that could be just the start.

What a weekend that was, reader. By now, you've probably heard a lot about the sudden, <a href="https://www.businessinsider.com/venture-capitalists-tech-founders-turned-on-silicon-valley-bank-2023-3">bank run-driven collapse of Silicon Valley Bank</a>, one of the tech industry's most stalwart and trusted institutions. There's a lot to catch up on, so buckle up. The weekend was a period of intense stress in the tech industry, as the bank's customers wondered what they would do if Monday rolled around and <a href="https://www.businessinsider.com/tech-ceo-millions-silicon-valley-bank-no-idea-going-on-2023-3">they couldn't get access to the cash they needed to make payroll or pay their office rent</a>.Well, late on Sunday afternoon, the federal government stepped in: While the bank itself will no longer be a going concern — its <a href="https://www.businessinsider.com/silicon-valley-bank-auction-collapse-deposit-protection-2023-3">assets are already being auctioned off</a> — the FDIC is guaranteeing that <a href="https://www.businessinsider.com/us-government-bails-out-silicon-valley-bank-depositors-fdic-2023-3">anyone who had their money in Silicon Valley Bank will be made whole</a>. Then, news broke early this morning that <a href="https://www.businessinsider.com/silicon-valley-bank-uk-unit-sale-hsbc-svb-svb-sivb-2023-3" target="_blank" rel="noopener">HSBC has bought the UK arm of collapsed SVB</a> in a last-minute deal. The UK government and the Bank of England facilitated the private sale, UK Chancellor <a href="https://www.businessinsider.com/silicon-valley-bank-uk-unit-sale-hsbc-svb-svb-sivb-2023-3" rel="">Jeremy Hunt said on Twitter</a>: "Deposits will be protected, with no taxpayer support".You can <a href="https://newsletter.businessinsider.com/click/30815769.112821/aHR0cHM6Ly9tYXJrZXRzLmJ1c2luZXNzaW5zaWRlci5jb20vbmV3cy9zdG9ja3Mvc2lsaWNvbi12YWxsZXktYmFuay1zdmItbGl2ZS1ibG9nLWZlZC1mZGljLWJhaWxvdXQtZXhwZXJ0cy0yMDIzLTM_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1PcGVuaW5nX2JlbGw/62667762063d6b9bef0cffb3Bf9981e8a" target="_blank" rel="noopener">follow our live coverage here</a>.As the tech industry breathes a massive sigh of relief, here's what you need to know going into your week.<hr />If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56" target="_blank" rel="noopener">here.</a><hr /><a href="https://www.businessinsider.com/startups-silicon-valley-bank-worried-wont-pay-employees-next-week-2023-3"></a>1. "Our money is gone." Before the FDIC stepped in to save the day (for depositors, anyway), the collapse of Silicon Valley Bank <a href="https://www.businessinsider.com/startups-silicon-valley-bank-worried-wont-pay-employees-next-week-2023-3">sparked fear, uncertainty, and panic as startups suddenly lost access</a> to whatever cash they had stashed there.Here's the latest from Insider on the Silicon Valley Bank meltdown:<ul><li><a href="https://www.businessinsider.com/how-silicon-valley-bank-imploded-2023-3">Insider took a deep dive into the recent history of Silicon Valley Bank</a>, giving insight on the financial and strategic decisions it made to get to this point, from the perspective of the startups and VCs involved.</li><li>Insider's <a href="https://www.businessinsider.com/venture-capitalists-tech-founders-turned-on-silicon-valley-bank-2023-3">Dan DeFrancesco writes that the panic-driven bank run reflected poorly on SVB's customers</a>, who only took a few days to turn their back on a bank that had served them well for decades.</li><li>SVB staffers <a href="https://www.businessinsider.com/svb-employees-respond-to-the-banks-sudden-failure-2023-3">spent Friday polishing their resumes or hitting the bar</a> after being told to leave the office.</li><li>It turns out that <a href="https://www.businessinsider.com/roku-held-one-quarter-of-cash-at-silicon-valley-bank-2023-3/">Roku had a full 26% of its cash tied up in Silicon Valley Bank,</a> making it one of several larger tech companies that must be thrilled to be getting their cash back.</li><li>My colleague Alistair Barr writes about <a href="https://www.businessinsider.com/silicon-valley-bank-svb-particularly-scary-bank-failure-why-2023-3">what made the SVB bank run so scary</a>: If the FDIC hadn't stepped in to make a special exception, almost 90% of its deposits would have been uninsured. Insider also analyzed the regulatory filings of 15 major US banks and found at the end of 2022, there was well over <a href="https://www.businessinsider.com/signature-svb-us-banks-have-over-1-trillion-uninsured-deposits-2023-3">$1 trillion in uninsured deposits</a>. </li></ul>Read more about the <a href="https://www.businessinsider.com/startups-silicon-valley-bank-worried-wont-pay-employees-next-week-2023-3">financial panic that swept Silicon Valley over the weekend here</a>.<hr />In other news:<a href="https://www.businessinsider.com/government-cdc-venture-capital-investors-silicon-valley-pandemic-covid-failure-2023-3"></a><div type="image" title="An illustration of a surgical mask, folded and containing stacks of money." height="1000" width="2000" msid="98609179" hostid="261" sizebytes="133738"></div>2. Can Silicon Valley succeed where the CDC failed? Insider's Adam Rogers writes that the <a href="https://www.businessinsider.com/government-cdc-venture-capital-investors-silicon-valley-pandemic-covid-failure-2023-3">CDC fumbled its response to COVID-19 so badly</a> that the private sector may be our best hope in the next pandemic. As VCs invest in pandemic-related startups, it's tech versus the virus.3. Microsoft's AI plan to take on Google. Insider reports on Microsoft's plan to woo advertisers to its new ChatGPT-powered Bing search engine. Ads could appear as annotations to the Bing chatbot's answers, helping Microsoft steal some search ad market share from its larger rival. <a href="https://www.businessinsider.com/how-ads-on-the-ai-powered-bing-will-work-2023-3">Go inside the plan here</a>.4. The great "fake work" debate. Last week, investor Keith Rabois made the incendiary claim that most Big Tech workers do "fake work," drawing a paycheck for very little actual result. It's started a huge debate among tech elites, centered around a simple question: <a href="https://www.businessinsider.com/post/preview?post_id=640b9a312001441a1d44a86f&amp;mode=desktop&amp;r=US&amp;IR=T">What is "real work?"</a>5. Goodbye to Smarty Pants. Alphabet is spinning off Skip (formerly known as Smarty Pants), its robotic exoskeleton subsidiary, as the Google parent company cracks down on its <a href="https://www.businessinsider.com/google-spin-off-robotics-project-skip-smarty-pants-2023-3">expensive science-fictional "moonshot" projects.</a>6. "Code Yellow" at Shopify. Insider reports on leaked documents, showing that Shopify's own data sees its customer support experience has deteriorated. It's now trying to right the ship, at the risk of losing more of its e-commerce vendor customers. <a href="https://www.businessinsider.com/shopify-issues-code-yellow-for-customer-service-improvements-2023-3">Read more about the "Code Yellow" here.</a>7. Meta is working on a Twitter clone. Facebook's parent company has confirmed that it's <a href="https://www.businessinsider.com/meta-working-on-twitter-like-social-network-p92-instagram-logins-2023-3">building a new social media product</a>that takes a page (and uses the same key technology) from Mastodon, the decentralized Twitter competitor. What will they call it? Mastobook? Metadon? 8. Amazon employees want to work from home. Insider reports on a petition signed by at least 30,000 employees to fight against <a href="https://www.businessinsider.com/amazon-return-to-office-policy-petition-30000-staff-remote-work-2023-3">Amazon's return-to-office plans</a>. The retail giant wants most employees back in the office at least three days a week, starting in May. <hr />Odds and ends:<a href="https://www.businessinsider.com/rivian-r1s-vs-mercedes-benz-eqs-suv-tesla-electric-suvs-2023-3"></a><div type="image" title="The Mercedes-Benz EQS SUV and Rivian R1S electric SUVs." height="1500" width="3000" msid="98609182" hostid="261" sizebytes="489864"></div>9. How a startup beat Mercedes at its own luxury-car game. Tim Levin, Insider's auto expert extraordinaire, test-drove luxury SUVs from Mercedes and electric vehicle startup Rivian. Surprisingly, he said that <a href="https://www.businessinsider.com/rivian-r1s-vs-mercedes-benz-eqs-suv-tesla-electric-suvs-2023-3">Rivian's focus on high-tech features really set it apart from the more traditional Mercedes model</a>.10. Netflix lets you change subtitle sizes. If, like me, your eyes are shot after spending the week glued to your screen for updates on all the breaking news, a little bit of good news: <a href="https://www.businessinsider.com/how-to-make-netflix-subtitles-bigger-smaller-tv-2023-3">Netflix will finally let subscribers make its subtitles larger on the screen</a>.<hr />What we're watching today:<ul><li>The South by Southwest (SXSW) tech, music, and culture festival rages on in Austin, Texas all week. </li></ul>

Silicon Valley Bank depositors are saved at the last minute

Hiya! <a href="https://twitter.com/dandefrancesco">Dan DeFrancesco</a> in NYC, and as a frequent orderer of takeout, I'm enthralled by the <a href="https://www.businessinsider.com/tipping-debate-trends-delivery-driver-ubereats-doordash-arguments-nyt-article-2023-4">recent debate over tipping etiquette for delivery drivers</a>. Today, we've got stories on <a href="https://www.businessinsider.com/fintech-public-partnership-chris-evans-a-starting-point-2023-4">a fintech's partnership with a Marvel star</a>, <a href="https://www.businessinsider.com/once-ironclad-apartments-buildings-could-now-see-defaults-2023-4">landlords are not having fun these days</a>, and <a href="https://www.businessinsider.com/move-from-new-york-city-buffalo-save-thousands-2023-4">a breakdown of how much you can really save moving out of NYC</a>. But first, is this a tax write-off?<hr />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>.<hr /><a href="https://www.businessinsider.com/ken-griffin-citadel-florida-desantis-politics-hedge-fund-2022-12"></a>1. Kenny Giving.Billionaire hedge-fund manager Ken Griffin is back in the news, but this time it's for what he's giving, not taking (in). Griffin, who founded Wall Street giants Citadel and Citadel Securities, <a href="https://www.thecrimson.com/article/2023/4/11/gsas-renamed-ken-griffin/" target="_blank" rel="noopener">donated $300 million to Harvard's Faculty of Arts and Sciences (FAS)</a>. The gift to his alma mater — Griffin graduated in 1989 — is "unrestricted," meaning it can be used anywhere within the FAS, which includes the undergraduate program as well as the school's PhD programs.For his generosity (he's donated more than $500 million to the school over the years), Griffin will get his name on the Graduate School of Arts and Sciences. I've <a href="https://www.businessinsider.com/ken-griffin-citadel-hedge-fund-manager-compensation-2023-3">written a lot</a> <a href="https://www.businessinsider.com/ken-griffin-citadel-hedge-funds-donating-politics-2023-1">about Griffin</a> this year, and for good reason. His <a href="https://www.businessinsider.com/2022-hedge-fund-performance-figures-citadel-millennium-point72-2023-1">hedge fund had a monster 2022</a>, and his trading firm remains a key piece of how the markets operate. He's also starting to wield that power outside of Wall Street, most notably in politics by becoming a megadonor to <a href="https://www.businessinsider.com/ken-griffin-citadel-florida-desantis-politics-hedge-fund-2022-12">Republican Florida Governor Ron DeSantis</a>. Griffin's philanthropic efforts have spanned a wide range of venues, from a <a href="https://www.fieldmuseum.org/about/press/field-museum-announces-55-million-gift-kenneth-c-griffin-charitable-fund">traveling exhibition on Antarctic dinosaurs</a> to <a href="https://www.miamiherald.com/news/business/article273636975.html">building youth soccer fields in Miami</a>. However, it's interesting to see how two of his biggest contributions — DeSantis and Harvard — seem to operate on opposite ends of the spectrum. DeSantis, who holds degrees from Yale University and Harvard Law School, called his Ivy League education "political scarlet letters" as a GOP candidate <a href="https://www.businessinsider.com/desantis-bashes-his-ivy-league-harvard-yale-education-in-book-2023-2">in his new book</a>. (Griffin, for what it's worth, reportedly once privately complained about <a href="https://nypost.com/2022/11/10/citadels-ken-griffin-woke-ideology-is-soul-crushing/">"woke ideology" impacting kids in school</a>.)The pessimistic person might view this as Griffin paying for more influence at Harvard. Understand, though, that while $300 million might seem like a lot, it's still a drop in the bucket of <a href="https://finance.harvard.edu/files/fad/files/fy22_harvard_financial_report.pdf">the school's $50.9 billion endowment</a>.But maybe it's not as Machiavellian as that! After all, some of Griffin's donations previously went to funding research on stem cells, <a href="https://www.bloomberg.com/news/articles/2023-04-11/citadel-s-ken-griffin-gives-300-million-to-harvard-university?utm_content=business&amp;utm_source=twitter&amp;utm_campaign=socialflow-organic&amp;cmpid=socialflow-twitter-business&amp;utm_medium=social&amp;sref=5xrDvJna" target="_blank" rel="noopener">per Bloomberg</a>. Maybe it's just his way of giving back to the place where he got his start. <a href="https://www.businessinsider.com/ken-griffin-citadel-florida-desantis-politics-hedge-fund-2022-12">Click her to read our profile on Ken Griffin's rise to the top of Wall Street.</a><hr />In other news:<a href="https://www.insider.com/tiny-house-new-zealand-tour-photos-2023-4"></a><div type="image" title="Fabian Low and his tiny house." height="1080" width="1920" msid="99438235" hostid="261"></div>2. A fintech and Captain America walk into a bar. Public.com and Chris Evans' civic-engagement company A Starting Point are teaming up to get the fintech users' up to speed on the latest public policies impacting their portfolios. <a href="https://www.businessinsider.com/fintech-public-partnership-chris-evans-a-starting-point-2023-4">More on the deal here.</a>3. <a href="https://www.youtube.com/watch?v=J2oEmPP5dTM">Let's call the whole thing off.</a> EY's ambitious plan to divide its audit and consulting businesses has gotten the kibosh after months of back and forth, the Financial Times reports. <a href="https://www.ft.com/content/e38afa0c-0ab3-452a-820c-9db88e24785d">Here's what led to the whole thing falling apart. </a>4. But what about the landlords?! Investors who bought up apartment buildings last year thought they had tapped into a gold mine. One year later, rents haven't budged but costs, including interest rates, have. (You just hate to see it.) <a href="https://www.businessinsider.com/once-ironclad-apartments-buildings-could-now-see-defaults-2023-4">More on the plight of the landlord.</a>5. Wall Street is drying out wells to drive up returns in California. As the state battles a water crisis, some finance firms are exacerbating the problem by investing in growing high-value nuts that require more irrigation than seasonal crops, Bloomberg reports. <a href="https://www.bloomberg.com/graphics/2023-wall-street-speeds-california-groundwater-depletion//?accessToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJzb3VyY2UiOiJTdWJzY3JpYmVyR2lmdGVkQXJ0aWNsZSIsImlhdCI6MTY4MTIyMDAyNiwiZXhwIjoxNjgxODI0ODI2LCJhcnRpY2xlSWQiOiJSU1kxMTJUMVVNMTEwMSIsImJjb25uZWN0SWQiOiIyMjhFMzJEMkZCOTU0MjYyODNFMUY3NkY5MTM1REFDMyJ9.4WZPNoj0U9dptlBSG0bQWivnkQBCLu4DMAZ4GtOZD1w&amp;sref=5xrDvJna">Click here for more on the water woes created by Wall Street.</a>6. HSBC is the latest landing spot for some SVB bankers. The bank has scooped up some employees to focus on tech and healthcare, Reuters reports. <a href="https://www.reuters.com/business/finance/hsbc-hires-silicon-valley-bank-bankers-focus-tech-healthcare-2023-04-11/">More here.</a>7. To build good habits, you might need to get addicted to a bad one. Trying to eat better? Go to the gym more? Stop scrolling TikTok? (Good luck!) Whatever new habit you're trying to form, there might be an app to help you get there. You just might end up addicted to the app too. It's all very 2023. <a href="https://www.businessinsider.com/healthy-habits-productivity-hack-gamification-apps-streaks-personal-goals-2023-4">Read more here.</a>8. Citi's M&amp;A co-head departs. Veteran dealmaker Mark Shafir is retiring, The Wall Street Journal reports. <a href="https://www.wsj.com/articles/citi-long-serving-m-a-chief-to-retire-8ff0eced">More on his 15-year tenure at the firm.</a>9. How much do you really save moving out of NYC? You've definitely thought about, and you might have already done it. So how much further does your dollar go outside this rat-infested hell hole. A 35-year-old plastic surgeon who moved to Buffalo, N.Y., breaks down how his finances have changed since getting out of the city. <a href="https://www.businessinsider.com/move-from-new-york-city-buffalo-save-thousands-2023-4">Here's how much his expenses have changed.</a>10. Tiny home. Good vibes. This guy spent $137,000 building his 330-square-foot home from shipping containers. (Is this the cause of the supply-chain issues?) <a href="https://www.insider.com/tiny-house-new-zealand-tour-photos-2023-4">Check out pics from his small, but beautiful, home.</a><hr />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=6435605f507e5b122201c8c6&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.

Two of Ken Griffin's biggest donations sit on opposite sides of the spectrum

There's been a mad dash for talent across Wall Street in 2021 — and it's <a href="https://www.businessinsider.com/recruiters-reveal-the-top-hedge-fund-hiring-trends-of-2022-2021-12">only expected to continue</a> next year.From <keyword id="11931680" type="UNKNOWN" weightage="60" keywordseo="hedge-funds" source="Orion">hedge funds</keyword> to investment banking, business has been booming for the <keyword id="11895316" type="UNKNOWN" weightage="100" keywordseo="finance" source="Orion">finance</keyword> industry, despite climbing coronavirus cases <a href="https://www.businessinsider.com/jefferies-richard-handler-on-omicron-covid-19-work-from-home-2021-12">disrupting banks' efforts</a> to get people back to the office.See more: <a href="https://www.businessinsider.com/recruiters-reveal-the-top-hedge-fund-hiring-trends-of-2022-2021-12">Hedge fund recruiters reveal the industry's hottest hiring trends for 2022 — from data miners to ESG heads</a>Wall Street banks have benefited from surging <a href="https://www.businessinsider.com/wall-street-merger-acquisition-predictions-2022-goldman-jpmorgan-investment-banking-2021-12">demand for mergers and acquisitions</a>, which reached a record $5.5 trillion globally last year. Hedge funds, meanwhile, ended the first 11 months up close to 9% — even after<a href="https://www.businessinsider.com/hedge-fund-returns-november-tiger-global-viking-melvin-hit-hard-2021-12"> a nasty November</a> tripped up tech-focused managers like Tiger Global and Whale Rock.The goldrush has led to some notable staffing hiccups, including complaints by <a href="https://www.businessinsider.com/goldman-sachs-analysts-wfh-expenses-equipment-junior-banker-wall-street-2021-3">overworked junior bankers</a>.See more: <a href="https://www.businessinsider.com/wall-street-merger-acquisition-predictions-2022-goldman-jpmorgan-investment-banking-2021-12"></a><a href="https://www.businessinsider.com/wall-street-merger-acquisition-predictions-2022-goldman-jpmorgan-investment-banking-2021-12">6 top M&amp;A bankers from firms like Goldman Sachs and JPMorgan reveal which sectors they think are ready to catch fire in 2022</a>In an effort to keep young bankers from jumping ship, <a href="https://www.businessinsider.com/evercore-offer-letter-first-year-anaysts-2022-salary-wall-street-2021-8">banks have rushed to hike their pay</a>. But ongoing tensions between Gen Z bankers and everyone else could lead to even more departures next year, <a href="https://www.businessinsider.com/how-gen-z-is-impacting-wall-street-work-culture-2021-12">as Insider recently reported.</a>In a rare case of business suffering in 2021, Credit Suisse lost $5.5 billion tied to the collapse of family office Archegos Capital Management in April. In all, the Swiss bank has seen<a href="https://www.businessinsider.com/names-credit-suisse-bankers-traders-leaving-archegos-greensill-bonuses-hiring-2021-6"> dozens of senior bankers</a>, traders and other employees depart this year, including from <a href="https://www.businessinsider.com/credit-suisse-healthcare-banking-loses-9-directors-investment-bankers-archegos-2021-10">its healthcare investment banking team</a>.Thanks to the booming job market, however, there's been no shortage of new opportunities for bankers, traders and other financial employees looking for a new start.Here's a roundup of some of the biggest appointments, exits, and hiring trends across the world of finance, which reflect where banks, hedge funds, and other financial firms think the opportunities will lie in the new year.<h1>Banking and trading </h1>Wall Street is set to report its most profitable year ever, which will result in massive bonuses for its investment bankers and trading desks. During 2021, it meant a lot of poaching and job hopping. <a href="https://www.businessinsider.com/svb-leerink-hires-jason-auerbach-team-senior-tmt-bankers-from-ubs-2021-5">https://www.businessinsider.com/svb-leerink-hires-jason-auerbach-team-senior-tmt-bankers-from-ubs-2021-5</a><a href="https://www.businessinsider.com/svb-leerink-unveils-new-tech-banking-team-poached-ubs-bankers-2021-9">https://www.businessinsider.com/svb-leerink-unveils-new-tech-banking-team-poached-ubs-bankers-2021-9</a><a href="https://www.businessinsider.com/goldman-sachs-hires-internet-research-analyst-eric-sheridan-ubs-2021-6">https://www.businessinsider.com/goldman-sachs-hires-internet-research-analyst-eric-sheridan-ubs-2021-6</a><a href="https://www.businessinsider.com/evercore-poached-healthcare-bankers-bradley-wolff-hank-yeh-citi-goldman-2021-6">https://www.businessinsider.com/evercore-poached-healthcare-bankers-bradley-wolff-hank-yeh-citi-goldman-2021-6</a><a href="https://www.businessinsider.com/citi-hired-healthcare-banker-chuck-adams-goldman-sachs-partner-2021-6">https://www.businessinsider.com/citi-hired-healthcare-banker-chuck-adams-goldman-sachs-partner-2021-6</a><a href="https://www.businessinsider.com/citi-hires-tasnim-ghiawadwala-barclays-head-commercial-bank-2021-4">https://www.businessinsider.com/citi-hires-tasnim-ghiawadwala-barclays-head-commercial-bank-2021-4</a><a href="https://www.businessinsider.com/credit-suisse-hires-chris-whopper-johnson-program-trading-sales-wells-2021-8">https://www.businessinsider.com/credit-suisse-hires-chris-whopper-johnson-program-trading-sales-wells-2021-8</a><a href="https://www.businessinsider.com/hsbc-hires-8-credit-traders-team-credit-suisse-chris-bathon-2021-6">https://www.businessinsider.com/hsbc-hires-8-credit-traders-team-credit-suisse-chris-bathon-2021-6</a><a href="https://www.businessinsider.com/deutsche-bank-hires-dan-crowley-to-run-us-credit-business-2021-9">https://www.businessinsider.com/deutsche-bank-hires-dan-crowley-to-run-us-credit-business-2021-9</a>https://www.businessinsider.com/jpm-chase-hires-head-business-banking-memo-ben-walter-hiscox-2021-7<h1>Wall Street's tech push</h1>Wall Street is competing with Silicon Valley for tech talent as it seeks to beef up its digital banking offerings and improve the flow of information. <a href="https://www.businessinsider.com/banks-hedge-funds-hiring-technologists-engineers-developers-fast-interview-process-2021-12">The hiring frenzy</a> is only expected to continue in 2022. <a href="https://www.businessinsider.com/jpmorgan-hired-eisar-lipkovitz-cio-tech-corporate-investment-banking-lyft-2021-4">https://www.businessinsider.com/jpmorgan-hired-eisar-lipkovitz-cio-tech-corporate-investment-banking-lyft-2021-4</a><a href="https://www.businessinsider.com/morgan-stanley-taps-vanguard-alonzo-ellis-ciso-information-security-2021-8">https://www.businessinsider.com/morgan-stanley-taps-vanguard-alonzo-ellis-ciso-information-security-2021-8</a><a href="https://www.businessinsider.com/bank-of-america-laurie-readhead-retiring-data-technology-leadership-2021-8">https://www.businessinsider.com/bank-of-america-laurie-readhead-retiring-data-technology-leadership-2021-8</a><a href="https://www.businessinsider.com/goldman-sachs-hires-peeyush-nahar-consumer-business-marcus-uber-tech-2021-5">https://www.businessinsider.com/goldman-sachs-hires-peeyush-nahar-consumer-business-marcus-uber-tech-2021-5</a><a href="https://www.businessinsider.com/jpmorgan-chase-key-hires-bolster-digital-banking-team-sonali-divilek-2021-4">https://www.businessinsider.com/jpmorgan-chase-key-hires-bolster-digital-banking-team-sonali-divilek-2021-4</a><a href="https://www.businessinsider.com/sunayna-tuteja-federal-reserve-head-innovation-td-ameritrade-digital-assets-2021-2"></a><h1>Brokerage and wealth management</h1>The business of managing other people's money has <a href="https://www.businessinsider.com/bank-of-america-merrill-lynch-losing-advisors-thundering-herd-2021-11">also become hyper competitive</a> as Wall Street seeks to compete with the proliferation of no-fee trading accounts and the independent financial advisor. <a href="https://www.businessinsider.com/jpmorgan-wealth-management-robinhood-content-marketing-investing-podcasts-newsletters-2021-7">https://www.businessinsider.com/jpmorgan-wealth-management-robinhood-content-marketing-investing-podcasts-newsletters-2021-7</a><a href="https://www.businessinsider.com/ubs-wealth-management-financial-advisor-multicultural-client-segment-launch-2022-2021-8">https://www.businessinsider.com/ubs-wealth-management-financial-advisor-multicultural-client-segment-launch-2022-2021-8</a><a href="https://www.businessinsider.com/goldman-sachs-hires-cynthia-loh-charles-schwab-product-managing-director-2021-8">https://www.businessinsider.com/goldman-sachs-hires-cynthia-loh-charles-schwab-product-managing-director-2021-8</a><h1>Hedge funds </h1>Hedge fund hiring has also been on fire this year with funds poaching directly from competitors and from Wall Street as industry capital surpasses a record $4 trillion to start the year. <a href="https://www.businessinsider.com/exoduspoint-poaches-macro-stars-pablo-duran-steinman-mukesh-murarka-2021-9">poaches-macro-stars-pablo-duran-steinman-mukesh-murarka-2021-9</a><a href="https://www.businessinsider.com/michael-gelband-exoduspoint-tech-personnel-exits-sonny-baillargeon-anil-chandroth-2021-7">https://www.businessinsider.com/michael-gelband-exoduspoint-tech-personnel-exits-sonny-baillargeon-anil-chandroth-2021-7</a><a href="https://www.businessinsider.com/top-millennium-quant-exec-alejandro-caete-joins-chicago-trading-company-2021-12">https://www.businessinsider.com/top-millennium-quant-exec-alejandro-caete-joins-chicago-trading-company-2021-12</a><a href="https://www.businessinsider.com/hedge-fund-schonfeld-just-hired-two-new-macro-traders-2021-12">https://www.businessinsider.com/hedge-fund-schonfeld-just-hired-two-new-macro-traders-2021-12</a><a href="https://www.businessinsider.com/coatue-data-science-head-alex-izydorczyk-is-leaving-hedge-fund-2021-11">https://www.businessinsider.com/coatue-data-science-head-alex-izydorczyk-is-leaving-hedge-fund-2021-11</a><a href="https://www.businessinsider.com/citadel-hires-dan-baranovsky-from-citi-equity-volatility-trading-pm-2021-4">https://www.businessinsider.com/citadel-hires-dan-baranovsky-from-citi-equity-volatility-trading-pm-2021-4</a><a href="https://www.businessinsider.com/vatic-hires-former-citadel-de-shaw-quant-allen-poteshman-cio-2021-4">https://www.businessinsider.com/vatic-hires-former-citadel-de-shaw-quant-allen-poteshman-cio-2021-4</a><a href="https://www.businessinsider.com/morgan-stanley-index-trader-shawn-joshi-leaving-for-compass-rose-2021-2">https://www.businessinsider.com/morgan-stanley-index-trader-shawn-joshi-leaving-for-compass-rose-2021-2</a><a href="https://www.businessinsider.com/kirk-mckeown-departing-steve-cohen-point72-hedge-fund-data-2021-2">https://www.businessinsider.com/kirk-mckeown-departing-steve-cohen-point72-hedge-fund-data-2021-2</a><a href="https://www.businessinsider.com/goldman-derivatives-traders-potter-tuteja-leave-buy-side-balyasny-volatility-2021-4">https://www.businessinsider.com/goldman-derivatives-traders-potter-tuteja-leave-buy-side-balyasny-volatility-2021-4</a><a href="https://www.businessinsider.com/maverick-capital-andrew-warford-leaving-chairman-stock-committee-family-office-2021-2">https://www.businessinsider.com/maverick-capital-andrew-warford-leaving-chairman-stock-committee-family-office-2021-2</a><a href="https://www.businessinsider.com/millennium-hires-star-trader-borzu-masoudi-from-jpmorgan-equities-volatility-2021-7">https://www.businessinsider.com/millennium-hires-star-trader-borzu-masoudi-from-jpmorgan-equities-volatility-2021-7</a>

You Searched For "hsbc svb" and got 12 results

HSBC acquires UK arm of Silicon Valley Bank for £1

IANS

SVB resolution reassuring, will bring relief to startups: IT minister Ashwini Vaishnaw

PTI

Stocks on Wall Street battle for direction as SVB's failure ignites fears for banks

George Glover

Silicon Valley Bank's UK unit has been sold to HSBC for $1.21

Huileng Tan

First Republic stock jumps 18% to lead regional bank shares higher after SVB finds a buyer

Zinya Salfiti

Brace for an extended period of dollar weakness as the US economy is set to slow and the Fed will end rate hikes, HSBC says

George Glover

Wall Street reacts to Silicon Valley Bank's bailout

Dan DeFrancesco

Everything you need to know about a crazy weekend in the wake of Silicon Valley Bank's failure

Dan DeFrancesco

Two big Silicon Valley banks failed when the easy money ran out - and that could be just the start.

Hallam Bullock

Silicon Valley Bank depositors are saved at the last minute

Matt Weinberger

Two of Ken Griffin's biggest donations sit on opposite sides of the spectrum

Dan DeFrancesco

Here's a roundup of some of the biggest appointments, exits, and hiring trends across Wall Street — from banks to hedge funds.

Insider Inc.