Biden pledges ‘whatever needed’ as banks feel force of SVB fallout

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Reuters UK

By Trevor Hunnicutt, Alun John and Rae Wee (Reuters) -U.S. President Joe Biden vowed to do whatever was needed to address a threatened banking crisis after the collapses of Silicon Valley Bank and Signature Bank forced regulators to step in with emergency measures. Biden’s attempt to reassure markets and depositors came after weekend moves by the United States to guarantee deposits at collapsed tech-focused lender SVB failed to persuade investors that other banks around the world were healthy. Monday’s U.S. market open saw First Republic Bank tumble 65.1% despite news it had secured fresh fina…

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