Banking Crisis 2023

The incentive structures for both banks and large, sophisticated depositors have changed because of federal regulators' decision to guarantee the uninsured deposits of Silicon Valley Bank and Signature Bank.

There are key differences between the current banking crisis and the one that brought down the world's economy, but also chilling similarities.

Their search for new opportunities collides with a difficult job market, where major banks are cutting roles, from dealmaking to trading.

Financial advisors are flooded with questions from panicked clients. Here's a field guide to answers.

UBS's website rolled out last fall, before the current banking crisis.

The Federal Deposit Insurance Corp. says it has extended the deadline for bids on Silicon Valley Bank, will break the bank into two parts for sale and will allow nonbanks to bid on asset portfolios.

UBS Group is paying 3 billion francs ($3.3 billion) for its rival in an all-share deal that includes extensive government guarantees and liquidity provisions.

Following the collapse of Silicon Valley Bank and a wider banking-sector panic this month, the smaller banks told regulators that explicitly insuring all deposits would stem the flow of money to the largest banks.

Firms across the industry are scrambling to assuage client fears, while others are taking advantage of the frenzy to attract talent. Meanwhile, some advisors are using the moment to reassess what they want professionally.

Charles Schwab Corp., one of the financial firms whose shares have been roiled by the current banking crisis, says it has added a net $16.5 billion in five days.