SVB's collapse on 10 March 2023 led to a FDIC lawsuit against 17 executives for negligence. Credit Suisse's leaders faced no such accountability, highlighting regulatory differences. SVB is criticised for its reliance on long-term government bonds and an imprudent £294 million dividend.
Sterling Bancorp (NASDAQ: SBT) completes the $261 million sale of Sterling Bank and Trust to EverBank Financial, effective April 1, 2025. All branches except Michigan will transition to EverBank, and Sterling will file for dissolution and delist from Nasdaq. Four directors have resigned.
PwC fined £4.5m (reduced to £2.9m) by the FRC for audit failures at Wyelands Bank, owned by GFG Alliance. The fines stem from inadequate understanding of lending practices and related-party risks, despite PRA warnings. PwC acknowledges the issues and is committed to improving audit quality.
SAIB (UK), a Lloyd’s broker, has secured a trading seat at the Shanghai International Reinsurance Exchange (SIRE), enhancing market transparency and efficiency. This move strengthens SAIB (UK)'s global presence and cross-border reinsurance capabilities.
Brex, a $12.3 billion corporate card startup, streamlined operations by laying off 20% of employees and adopting a quarterly product release cycle. These efforts have stabilized cash burn and improved product quality.
NPRE reports 53% growth in insurance revenue and a 174% increase in total cash and investments for 2024. Despite AM Best's rating withdrawal, NPRE is engaging with other rating agencies to secure a more accurate assessment. The company remains committed to transparency and long-term success.
