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Welcome to The Interchange! If you received this in your inbox, thank you for signing up and your vote of confidence. If you’re reading this as a post on our site, sign up here so you can receive it directly in the future. Mary Ann is on a much deserved break this week, so I am filling in for her, bringing you the hottest fintech news of the previous week. Now let’s dive into the fintech news because you are probably wondering what’s up with your favorite bank, and I promise to get to that first. Let’s go! — Christine
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Shares of First Republic Bank, a financial institution in the United States that does business with startups, are rebounding today after a punishing start to the trading week.
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SVB’s new CEO Tim Mayopoulos has had a lot to say in the 24 hours since he joined the bank on Monday. In a private Zoom meeting run by SVB for a select number of LPs and investors, he asked clients to return deposits to the institution: “That’s the single-most important thing you can do to ensure that Silicon Valley Bank survives.”
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One week after trading was halted for SVB Financial and regulators took control of the holding company for Silicon Valley Bank and other subsidiaries, SVB Financial has taken the next inevitable step: Today it announced that it has formally filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York. This will mean that SVB Financial can apply, and plans to apply, to the courts to resume activities while finding buyers for its assets, which include going ahead with its plans to sell off SVB Securities and SVB Capital, and more.
摘要： When big data began getting corporate attention in the late 2000s, the idea of data privacy was considered lavish and exotic. The public was less concerned about securing their data assets and was only fascinated by the fact that the interconnected digital world would change their lives forever.
