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Since Silicon Valley Bank failed in March, regulators have been studying why, exactly, they didn’t better identify the risks of having the country’s 16th-largest bank keep more than 90 per cent of its deposits uninsured. Now the Fed is out with an initial report on what went wrong: The four key takeaways of the report

Silicon Valley Bank’s failure last month stemmed from weakened regulations during the Trump administration and mis-steps by internal supervisors who were too slow to correct management blunders, the US Federal Reserve said in a scathing review of the lender’s implosion. The long-awaited report, released on Friday, had harsh words for the California bank’s management but

Two months ago, any list of most admired US bankers would have included Jim Herbert. A shrewd and driven businessman, Herbert grew First Republic, his California-based lender, from just nine employees to America’s 14th largest bank by offering affluent urban professionals cheap mortgages and personalised service. Now everything Herbert, aged 78, has worked for is

When Barry Humphries died last week, a third ventricle burst in the hearts of many of his fellow Aussies. It was hard enough with Robert Hughes and Clive James gone. We pray Germaine Greer keeps pumping forever, so to speak. Some may wonder what the fuss is about. But a sense of loss for a

By the standards of Big Tech’s recent pandemic boom, the start to 2023 has hardly been a period for the history books. The first-quarter growth rates of 3 to 9 per cent reported this week by Alphabet, Amazon, Meta and Microsoft are a far cry from two years ago, when surging demand for digital services

The UK’s move to block Microsoft’s takeover of video games maker Activision Blizzard risks damaging the country’s tech sector, according to industry executives, investors and start-up entrepreneurs who have attacked the landmark decision. The Competition and Markets Authority ruled to block the $75bn transaction on Wednesday, dealing a potentially fatal blow to what would be

Anheuser-Busch announced this week that two executives had gone on leaves of absence after a stunt for Bud Light involving Dylan Mulvaney, a transgender actress and TikTok influencer, became the latest battle in the US culture war. Their fate will send a shiver down the spines of many other marketers. “We never intended to be

Richard Sharp has been forced to resign as BBC chair after an investigation found that he breached the rules after failing to declare a role in the loan guarantee made to Boris Johnson before his appointment. Sharp has been under increasing pressure after an investigation was launched by Adam Heppinstall KC into whether he had

Let others argue over whether Deutsche Bank’s agreed bid for Numis is a demonstration of confidence or a distress signal. Not for us are debates about whether the £410mn offer is an endorsement of the London market’s durability or a wildly expensive way to cross-sell to just 166 corporate broking clients. Not for now are

European stocks and US futures fell at the open on Friday as investors took profits following a rally in technology stocks, while inflation data stirred concerns that eurozone interest rates would have to increase further to stave off price rises. The pan-European Stoxx 600 was down 0.3 per cent while Germany’s Dax dropped 0.4 per

The shifting patterns of fighting in Sudan have allowed foreign nationals to escape and given the warring sides an opportunity to assess their rival’s capabilities and fine-tune their battle plans. The power struggle that erupted two weeks ago, which analysts fear could precede a bloody and protracted conflict, has pitted Sudan’s army, led by the

Deutsche Bank has agreed to buy UK broker Numis for £410mn as Germany’s biggest bank bets on a rebound in a London market that has struggled in recent years. In a surprise deal announced on Friday, Deutsche said it would pay 350p a share for Numis, which advises almost a fifth of companies in the

One thing to start: BBC directors have raised concerns that chair Richard Sharp’s position is becoming untenable after they were briefed on the investigation into his appointment, adding to pressure for his resignation as early as Friday. In today’s newsletter First Republic on the rocks  Creditors square off over Serta Wall Street risks losing its

The head of the world’s largest sovereign wealth fund has called on governments to speed up the regulation of artificial intelligence as it revealed it would set guidelines for how the 9,000 companies it invests in should use AI “ethically”. Nicolai Tangen, chief executive of Norway’s $1.4tn oil fund — which owns on average 1.5

Something troubling is happening to staffing in Britain’s national health service. Despite steady upward trends in the numbers of new doctors and nurses, vacancies continue to rise. In short, the NHS has developed a leak. And it’s not an easy one to mop up, since it frequently drips into other countries. According to the latest

“Whistleblowing is good for business — responding effectively to concerns can save money and reputations and increase staff loyalty and productivity,” says a guide for employers produced by charity Protect. No kidding. The CBI is fighting for survival following rape and sexual harassment allegations, the loss of (or suspension of engagement from) approaching 100 of

Chanel has ruled out an initial public offering, insisting that it can hold on to its privately owned status and remain the world’s second-biggest luxury brand. “We’re going to stay a private, independent company,” Leena Nair, the French company’s global chief executive, said. “Rumours always float around, but you can put those to rest.” Wearing

Amazon reported better than expected sales and profits in the March quarter despite persistent inflation and a weakening economic environment that analysts had feared would result in softer spending among consumers and enterprise cloud customers. Revenues grew 9 per cent to $127.4bn, ahead of forecasts of $124.6bn, according to S&P Capital IQ. Sales at Amazon’s

BBC directors have raised concerns that chair Richard Sharp’s position is becoming untenable after they were briefed on the investigation into his appointment, adding to pressure for his resignation as early as Friday. The BBC board met this week to discuss the independent inquiry by the Office of the Commissioner for Public Appointments into Sharp’s

The BBC is stuck in a “yesteryear” TV and radio era and needs more resources and regulatory certainty in order to compete in the global digital media market, MPs have warned. The broadcaster was contending with international rivals that have no public-service remit in a race to engage new audiences, according to a report by

Amazon reported better than expected sales and profits in the March quarter, despite persistent inflation and a weakening economic environment that analysts had feared would result in softer spending among consumers and enterprise cloud customers. Overall revenues grew 9 per cent to $127.4bn, ahead of forecasts of $124.6bn, according to S&P Capital IQ. Sales at