Silicon Valley Bank - The Boston Globe

UBS said it had repaid 50 billion francs in loans from the Swiss National Bank and 100 billion francs in liquidity support from the Swiss government, while ending a 9 billion franc “loss protection agreement” with the government.

Business

UBS ends billions in taxpayer-funded support that paved way for Credit Suisse takeover

UBS said Friday that it has shut down state support that had made available up to about $230 billion to help shepherd through its takeover of Credit Suisse to avert an international banking crisis. 11:20 a.m.

Credit rating agency Moody’s Investors Service downgraded 10 regional banks and put six other lenders on notice that they are under review. The biggest bank to receive a downgrade was Buffalo-based M&T Bank, the 19th largest in the nation by assets, according to the Federal Reserve.

Business

Moody’s downgrades 10 regional banks as crisis pressures persist

It's the latest blow to an industry still reverberating from the March banking crisis that led three firms to collapse. 9:23 a.m.

Leerink Partners, formerly SVB Securities, has its Boston office at 53 State Street downtown.

Finance

How Boston’s biggest investment bank was reborn after SVB collapsed

Four years after selling his namesake bank — a major player in Boston’s biotech scene — to SVB, Jeff Leerink has pulled it out of the rubble of the tech lender’s crash. 3:50 p.m.

A statement from the bank said that “UBS has completed the acquisition of Credit Suisse today, crossing an important milestone."

Finance

UBS completes takeover of Credit Suisse in deal meant to stem global financial turmoil

It’s a pivotal moment for the two Zurich-based rivals, whose combination has raised concerns about thousands of expected job losses, drawn rebukes and lawsuits over the terms of the deal, and stirred fears about the impact of creating a Swiss megabank that would be too big to fail. 11:20 a.m.

The takeover will leave UBS as Switzerland’s single banking titan.

Finance

Switzerland’s UBS says it could complete Credit Suisse takeover on June 12

The two Zurich-based banks are uniting in a $3.3 billion deal that was arranged hastily in March by the Swiss government and regulators. 9:51 a.m.

From left, Gregory Becker, former chief executive of Silicon Valley Bank; Scott Shay, former chairman of Signature Bank; and Eric Howell, former president of Signature Bank, took their seats as they arrived to testify during a Senate Banking Committee hearing on Capitol Hill on Tuesday in Washington.

Business

Bank executives blame panicked depositors for failures, but senators blame them

Both Democrats and Republicans criticized the executives for taking risky actions or missing obvious problems that directly led to the demise of their banks. 9:37 a.m.

Silicon Valley Bank headquarters in Santa Clara, California, US, on Thursday, March 9, 2023.

Special Projects

Heads of failed banks questioned on executive pay, how they handled risk at Senate hearing

Executives at Silicon Valley Bank and Signature Bank and were paid millions of dollars over their tenures up until their banks failed, the bulk of the compensation coming in the form company stock. 9:36 a.m.

Business

Bank executives face grilling as US lawmakers pry into failures

The fight over who bears the blame for the recent US bank failures will turn ever more political on Tuesday when lawmakers grill the lenders’ former senior managers and top regulators. 10:48 a.m.