What we learned from the collapse of SVB
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 11 March 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
America’s regulators say new rules will help maintain the dominance of US Treasuries, and there are still weaknesses in regional banking a year after the failure of Silicon Valley Bank. Plus, a new Bain & Co report reveals that private equity groups are sitting on a record of unsold assets.
Mentioned in this podcast:
The radical changes coming to the world’s biggest bond market
Number of weak US banks jumps as NYCB stabilised on $1bn capital raise
Dealmaking slowdown leaves private equity with record unsold assets
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Zach St. Louis, Saffeya Ahmed, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At equinore. UK. Good morning from the Financial Times. Today is Monday, March 11th, and this is your |
| 0:18.2 | FT news briefing. Private Equity is sitting on a record number of unsold companies, and big changes are coming to the U.S. Treasury market. |
| 0:29.0 | Plus, a year after the collapse of Silicon Valley Bank, |
| 0:32.9 | US banking is still on shaky ground. |
| 0:35.8 | There's not just one way banks fail. |
| 0:38.7 | So I think the lesson is, is that regulators |
| 0:42.4 | need to look at all the different ways banks can run into trouble. |
| 0:45.0 | I'm Safia Ahmed in for Mark Filipino. |
| 0:48.0 | And here's the news you need to start your day. Around this time a year ago the banking world was in crisis Silicon Valley Bank had just collapsed and it was soon followed by two other |
| 1:15.7 | regional banks, First Republic and signature. So what lessons can we take from that |
| 1:21.4 | time? Here to answer that question is the F.T's U.S. banking correspondent, Stephen Gendel. |
| 1:27.0 | Hi Stephen. |
| 1:28.0 | Hello. |
| 1:29.0 | So first off, can you remind us what caused the banking crisis a year ago? |
| 1:34.0 | Sure, we had kind of the double whammy. |
| 1:37.8 | During the pandemic, you had these ultra-low interest rates. |
| 1:41.1 | And at the same time, to get people through the pandemic the |
| 1:44.4 | government had passed all this assistance not all that could be spent during |
| 1:48.2 | lockdown so a lot of that money ended up in banks and then you, you know, we have the vaccine, the lockdowns are over, people are out, |
| 1:56.3 | they're spending and we get this massive spike in inflation. |
... |
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