- StandardC
- Posts
- BlackRock Sells $114B from SVB & Signature Bank
BlackRock Sells $114B from SVB & Signature Bank
The portfolios from the banks that failed in March are slated to be sold off in the coming months.
Anna Lad & Robert Baron
April 07, 2023
If you’re interested in learning more about our team, visit us here. If not, enjoy our write-up and we look forward to continuing to provide you with industry news every Friday.
Banking News
Combining UBS & Credit Suisse is no Small Task
Apprehension and “investor angst” are widespread concerning UBS’s acquisition of Credit Suisse. Bankers raced through due diligence; they had only 48 hours to decide whether to take over the institution. The acquisition is slated to take between 3-4 years. Some stakeholders are relieved, but others worry about how half of Geneva’s mortgages will be “held by one bank.”
Ethos Foundation’s CEO Vincent Kaufmann echoed this sentiment, saying:
There is a huge concentration of risk in the Swiss market.
BlackRock Sells $114B from SVB & Signature Bank
The portfolios from the banks that failed in March are slated to be sold off in the coming months. BlackRock didn’t provide timelines, but it will be done in a “gradual” way. The sale of assets is comprised of securities. After the second and third-largest bank failures in American history happened in 48 hours, account holders were left reeling.
Credit Union News
Illinois Small Businesses Gain CU Support
More assistance and counsel will be available to small business owners and entrepreneurs in Illinois thanks to a partnership between the Illinois Hispanic Chamber of Commerce (IHCC) and the Illinois Credit Union League (ICUL). Five CUs in northeast IL have joined the program and promised to donate $100k.
ICUL president Tom Kane said,
[Our] personalized service builds on the strong community focus of credit unions by providing dedicated advisors that business owners and entrepreneurs can access to build their new businesses.
April is Youth Month at CUs
Credit unions across the United States celebrate National Credit Union Youth Month, a program designed to educate young people about managing their money. The theme in 2023 is “Unleashing the Power of Saving” Community credit unions offer savings programs, competitions, and family activities to engage kids and teens with their finances.
Financial Services & Blockchain
Tragedy Strikes CashApp Founder
Bob Lee founded CashApp and, until Tuesday morning, was MobileCoin’s CPO. He was found stabbed in the streets of San Francisco. While medical personnel was able to render him aid, he succumbed to his injuries. Investigators have yet to locate suspects or find a motivation for the crime.
Bill Scott, San Francisco’s police Chief, said
There is no place for this kind of violent crime against anyone in our city. Our investigators are working tirelessly to make an arrest and bring justice to Mr. Lee and his loved ones.
Aspiration Pivots, Lays Off 180+ Workers
Now that the climate-focused neobank Aspiration has shifted its focus towards corporate carbon credits, it’s reducing its offerings for the public. Layoffs of nearly 200 employees accompany the move; they’re the second round since December 2022. New CEO Olivia Albrecht is “sad to take this step.”
Upcoming Webinars
Small Business Lending Program w/ Loan Guarantees
When: April 13th (10am PST)
Where: Here
Market Movements (4.3 to 4.7)
