SVB Financial seeks bankruptcy protection as banking turmoil persists

Parent of Silicon Valley Bank seeks bankruptcy protection

SVB Financial Group said on Friday it filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. regulators. The move to commence bankruptcy proceedings comes as emergency measures to shore up confidence have so far failed … Read more

Credit Suisse shares fall again, sentiment remains fragile

Credit Suisse shares fall

Shares in Credit Suisse resumed their decline on Friday, giving up early gains, in a sign that investor sentiment remains fragile in a week that has seen the troubled Swiss lender secure a $54 billion lifeline. A ratings downgrade and a U.S. lawsuit on Thursday offset some of the relief that stemmed from the emergency … Read more