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Parent of Silicon Valley Bank seeks bankruptcy protection

SVB Financial Group is no longer affiliated with Silicon Valley Bank after its seizure by the Federal Deposit Insurance Corp.
A pedestrian passes a Silicon Valley Bank in San Francisco
A pedestrian passes a Silicon Valley Bank in San Francisco
3d ago

Nuclear power plant leaks 400,000 gallons of radioactive water

While Xcel Energy reported the leak of water containing tritium to state and federal authorities in late November, the spill had not been made public before Thursday.
Cooling towers at Xcel Energy's Nuclear Generating Plant in Monticello, Minn.
Cooling towers at Xcel Energy's Nuclear Generating Plant in Monticello, Minn.
3d ago

Pfizer recalls millions of migraine prescription drug packs due to a risk of child poisoning

"The packaging of the products is not child resistant, posing a risk of poisoning if the contents are swallowed by young children," the U.S. Consumer Product Safety Commission said.
Pfizer recalls millions of Nurtec ODT prescription drugs due to risk of child poisoning
Pfizer recalls millions of Nurtec ODT prescription drugs due to risk of child poisoning

Wall Street rides to the rescue as 11 banks pledge $30 billion to First Republic Bank

The news comes after First Republic's stock was pummeled in recent days, sparked by the collapse of Silicon Valley Bank last Friday and Signature Bank over the weekend.
A First Republic Bank office in San Francisco on March 16, 2023.
A First Republic Bank office in San Francisco on March 16, 2023.
4d ago

Norfolk Southern once had the lowest accident rate of major U.S. rail companies. Now it's above average.

An NBC News data analysis shows that while the six other big rail lines more than halved their accident rates in the past 20 years, Norfolk Southern’s stayed relatively flat.
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The uncommon lending practices behind Silicon Valley Bank’s woes

Of the roughly $74 billion in total loans Silicon Valley Bank held on its books at year-end, almost half went to borrowers who invested the cash in securities of their own.
Silicon Valley Bank's headquarters in Santa Clara, Calif., on March 13, 2023.
Silicon Valley Bank's headquarters in Santa Clara, Calif., on March 13, 2023.
4d ago

Markets improve on reports of lifelines to First Republic and Credit Suisse

Bank stocks began to inch up after suffering steep declines following two of the biggest U.S. bank failures in recent memory.
A trader works at a computer on the floor of the New York Stock Exchange
A trader works at a computer on the floor of the New York Stock Exchange

Biden administration tells TikTok's Chinese owners to sell their stakes or face possible ban

The demand marks a shift in the U.S. government's stance toward the Beijing-based ByteDance Ltd., which owns the popular video sharing app.
Tokyo Game Show in Chiba, Japan - 17 Sept 2022
Tokyo Game Show in Chiba, Japan - 17 Sept 2022

Black founders who banked with SVB fear backsliding on hard-won gains

Silicon Valley Bank earned mostly good reviews from entrepreneurs of color who recalled strained alliances with the financial industry. The collapse has struck some as a potentially lasting setback.
A Silicon Valley Bank Branch
A Silicon Valley Bank Branch

Credit Suisse to borrow up to nearly $54 billion from Swiss National Bank

Shares of the lender fell sharply Wednesday after its top investor, Saudi National Bank, said it won’t be able to provide further assistance.
A Credit Suisse branch in Geneva on March 15, 2023.
A Credit Suisse branch in Geneva on March 15, 2023.

Former Wells Fargo executive to plead guilty to charge in sales scandal

Carrie Tolstedt, 63, faces up to 16 months in prison under a plea agreement with federal prosecutors filed Wednesday.
Carrie Tolstedt, senior executive vice president of community banking for Wells Fargo, in New York on Oct. 6, 2010.
Carrie Tolstedt, senior executive vice president of community banking for Wells Fargo, in New York on Oct. 6, 2010.