Business
Troubled bank Credit Suisse to borrow up to $54bn from Swiss central bank
London, March 16 Troubled banking giant Credit Suisse says it will borrow up to $54 billion from the Swiss central bank to shore up its finances. The lender said it was taking decisive action to strengthen its liquidity as it looked to become a simpler bank, the BBC reported. Shares ...Vimal Kapur becomes CEO of US-based Honeywell as Indian-origin glory continues
New Delhi, March 14 US-based consumer tech conglomerate Honeywell on Tuesday announced that Vimal Kapur, President and Chief Operating Officer, will succeed Darius Adamczyk as CEO on June 1. Having graduated from the Thapar Institute of Engineering in Punjab's Patiala as an electronics engineer with a specialisation in instrumentation, Kapur ...Global banking shares slump as fallout spreads
London, March 14 Global financial markets have come under severe pressure after the collapse of Silicon Valley Bank, despite governments on both sides of the Atlantic taking extraordinary measures to maintain confidence in the banking system, The Guardian reported. However, shares in the US and European banks sold off sharply ...HSBC acquires collapsed Silicon Valley Bank’s UK subsidiary
London, March 14 HSBC, the largest bank in Europe, has said it had bought the UK operations of the failed US lender Silicon Valley Bank (SVB) for a single symbolic pound ($1.21). The move is expected to save many British startups from huge losses. "This acquisition makes excellent strategic sense ...Meta CEO fires 10K more employees, shuts 5K additional open roles
New Delhi, March 14 Meta Founder and CEO Mark Zuckerberg on Tuesday announced to sack an additional 10,000 employees via several job cut rounds in the coming months. In a Facebook post, Zuckerberg said overall, "we expect to reduce our team size by around 10,000 people and to close around ...America’s $620 billion ticking time bomb
London, March 13 Banks across the US are sitting on $620 billion of 'unrealized losses' -- assets which have decreased in value but have not yet been sold -- the head of the Federal Deposit Insurance Corporation warned, the media reported. News of the worrying shortfall came amid the closure ...Billionaire investor Bill Ackman warns more banks will collapse despite US govt’s intervention in SVB
London, March 13 Billionaire hedge fund manager Bill Ackman says more banks will probably fail even if U.S. authorities step in to shore up confidence in the banking system after last week's collapse of Silicon Valley Bank, Daily Mail reported. Ackman, whose hedge fund Pershing Square Capital Management oversees roughly ...HSBC acquires Silicon Valley Bank UK
London, March 13 (IANS) 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 ...Former Lehman Brother’s CFO, now SVB executive, reveals insights into 2008 collapse with powerful testimony
New York, March 12 Silicon Valley Bank (SVB) executive, Jospeph Gentile, was a former executive of the Lehman Brothers' Global Investment Bank prior to the bank's public collapse in 2008, the media reported. Prior to joining SVB as Chief Administrative Officer, Gentile worked as Chief Financial Officer at Lehman Brothers' ...US Treasury Secretary Yellen rules out a bailout for Silicon Valley Bank
Washington, March 12 US Treasury Secretary Janet Yellen on Sunday said that the federal government will not provide a bailout for Silicon Valley Bank's investors after the bank was abruptly shuttered, but said financial regulators are "concerned" about the impact on depositors and working to address their needs, media reports ...
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