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The KBW bank index, which tracks the stocks of 24 major banks, was also lower and, after falling each day of the week, ended with a loss of more than 15%. The largest Wall Street banks held up better Friday, with the concern focused on a handful of smaller institutions.

The fixed income segment saw outflows of ₹13,815 crore, led by liquid and ultra-short-term funds, which saw redemptions of ₹11,304 crore and ₹2,429 crore, respectively, with many investors preferring to lock into bank deposits, where rates have moved up sharply and there is visibility of returns.

He sold 12,451 shares on February 27. It is the first time in more than a year that Becker had sold shares in parent company SVB Financial Group, state regulatory filings

The main office and all branches of Silicon Valley Bank will reopen on March 13 and all insured depositors will have full access to their insured deposits no later than Monday morning, the FDIC said.

The bank now has time until September 2024 to reduce stake. ICICI Bank announced on Friday that it has received approval from the RBI in a letter dated March 10, 2023 extending the deadline. Initially, the bank was required to divest its stake in ICICI Lombard General Insurance by September 2023 to 30% from 48.02%, in accordance with RBI regulations.

Following the 2008 demise of Lehman Brothers and the ensuing financial meltdown, US regulators required major banks to hold additional capital in case of trouble. US and European authorities also organize regular "stress tests" designed to uncover vulnerabilities at the largest banks.

Nonfarm payrolls increased by 311,000 last month, the Labor Department said, above the 205,000 estimate of economists polled by Reuters.

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According to sources, JPMorgan has received dozens of client calls seeking to switch from SVB to the company. But, news is not all good for potential beneficiaries

Federal Deposit Insurance Corporation was appointed as receiver