from ZeroHedge:
Update (1030ET): In a hearing before the US House Ways & Means Committee Friday, Treasury Secretary Janet Yellen said the department is monitoring “a few” banks amid issues at SVB.
“There are recent developments that concern a few banks that I’m monitoring very carefully and when banks experience financial losses, it is and should be a matter of concern,”
Additionally, Reuters is reporting that SVB told its employees in a memo on Friday that they should work from home until further notice, stating according to a memo seen by the news service:
TRUTH LIVES on at https://sgtreport.tv/
“SVB is undergoing a series of conversations that have not been concluded yet to determine next steps for the company.”
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Update (0900ET): CNBC’s David Faber reports that SVB has sought an adviser to find a buyer after attempts to raise capital have failed. However, Faber added that deposit outflows are outpacing any efforts to find a buyer…
BREAKING: SVB Financial in talks to sell itself after attempts to raise capital have failed, sources say (via @DavidFaber) https://t.co/VixRcKa3R1 pic.twitter.com/QdoxlgsTS0
— CNBC Now (@CNBCnow) March 10, 2023
Meanwhile, we’ve seen this playbook before…
At what time does JPM offer to buy SIVB for $2
— zerohedge (@zerohedge) March 10, 2023
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Trading in Silicon Valley Bank shares has been halted for news pending after they plunged another 65% overnight after numerous icon VCs recommended clients pull cash from the struggling regional bank…
Perhaps more problematically, SVB’s bonds (1.8s of 2031) are collapsing…
Bonds are extending losses after the stock was halted…
The fears of SVB’s collapse is contagiousl dragging down others including Schwab, Western Alliance, and First Republic…
SVB Financial Group Chief Executive Officer Greg Becker held a conference call on Thursday advising clients of SVB-owned Silicon Valley Bank to “stay calm” amid concern about the bank’s financial position, according to a person familiar with the matter.
