The Daily Chase: Regulators take control of SVB Canadian division; Markets point to volatile open
BNN Bloomberg
Canada's banking regulator is stepping in to the Silicon Valley Bank crisis after the bank's swift collapse last week.
SVB FALLOUT FEARS GROW
It's looking like the concerns aren't just restricted to SVB – over the weekend, state regulators shut down New York's Signature Bank after the firm faced a torrent of deposit outflows on Friday. Elsewhere, shares of San Francisco's First Republic are getting pummelled, down as much as 70 per cent in the premarket, after the lender said it has received additional liquidity from the U.S. Fed and JPMorgan. All of this comes even after regulators came out with some extraordinary measures to fully protect depositors and announced a new funding program that will offer one-year loans to banks under easier terms to try to stem the crisis of confidence.
MARKETS FLUCTUATE IN SPITE OF TURMOIL
