close video What went wrong at the Silicon Valley Bank?
Fox News contributor Kim Strassel responds to the bank failure and provides insight on ESG investing standards on ‘Kudlow.’
The Federal Deposit Insurance Corp. will decide on Sunday whether to pursue a full sale or breakup of Silicon Valley Bank.
One financial institution that may be throwing its hat in the ring is First Citizens BancShares, according to Bloomberg.
The firm is reportedly evaluating making an offer for SVB.
The lender based in North Carolina is among the handful of potential buyers for the auction process for the failed bank, said a person familiar with the situation.
WARREN BUFFETT TALKS BANKING CRISIS WITH BIDEN TEAM
In this photo illustration, First Citizens Bank logo is seen on a smartphone screen in front of First Citizens Bancshares logo in the background. ((Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images) / Getty Images)
At least one other suitor is making a serious consideration for Silicon Valley Bank, the person told Bloomberg.
It is always possible that First Citizens could opt against making a bid.
First Citizens acquired commercial lender CIT Group Inc. for more than $2 billion in a deal that closed last year.
SILICON VALLEY BANK'S HOLDING COMPANY FILES FOR CHAPTER 11 BANKRUPTCY PROTECTION
A sign for Silicon Valley Bank (SVB) headquarters is seen in Santa Clara, Calif., Mar. 10, 2023. (Reuters/Nathan Frandino / Reuters Photos)
PETER THIEL SAYS HE HAD $50M IN SILICON VALLEY BANK WHEN IT SHUT DOWN
FOX Business has reached out to First Citizens BancShares for comment.
First Citizens participated in the FDIC’s sales process earlier for Silicon Valley Bank, submitting a very low bid that was rejected, the people added. Ticker Security Last Change Change % FCNCO FIRST CITIZENS BANCSHARES INC DEL 5.625% NON-CUM PERPETUAL PF 17.98 -1.09 -5.72%
Silicon Valley Bank, the nation’s 17th largest, was shut down by the FDIC a week ago as regulators moved to protect customers as it faced a liquidity crunch following a $2 billion loss.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
It became the largest bank failure since the financial crisis.
A 21-year-old man has been arrested over a series of arson attacks, police have said, after a fire at a house owned by Prime Minister Sir Keir Starmer.
The suspect was arrested in the early hours of Tuesday on suspicion of arson with intent to endanger life, according to the Metropolitan Police.
He remains in custody.
Emergency services were called to fires at the doors of two homes in north London within 24 hours of each other – one just after 1.35am on Monday in Kentish Town and the other on Sunday in Islington. Both properties are linked to Sir Keir.
Image: Police are investigating links to several fires, which they are treating as suspicious. Pic: LNP
Detectives were also checking a vehicle fire last Thursday on the same street as the Kentish Town property to see whether it is connected.
Part of the area was cordoned off as police and London Fire Brigade (LFB) investigators examined the scene.
Neighbours described hearing a loud bang and said police officers were looking for a projectile.
Image: Emergency services were deployed to the scene in Kentish Town, north London, on Monday. Pic: PA
Image: Pic: PA
The prime minister is understood to still own the home, which was damaged by fire on Monday, but nobody was hurt. Pictures showed scorching at the entrance to the property.
Sir Keir used to live there before he and his family moved into 10 Downing Street after Labour won last year’s general election. It is believed the property is being rented out.
In the early hours of Sunday, firefighters dealt with a small fire at the front door of a house converted into flats in nearby Islington, which is also linked to the prime minister.
Image: Counter-terror police are leading the investigation. Pic: LNP
In a statement, police said: “As a precaution and due to the property having previous connections with a high-profile public figure, officers from the Met’s Counter Terrorism Command are leading the investigation into this fire.
“Enquiries are ongoing to establish what caused it. All three fires are being treated as suspicious at this time, and enquiries remain ongoing.”
The prime minister’s official spokesman said: “I can only say that the prime minister thanks the emergency services for their work and it is subject to a live investigation. So I can’t comment any further.”
Kemi Badenoch has condemned the suspected arson attacks.
Writing on X, the Conservative leader said: “This is a shocking incident. My thoughts are with the prime minister and his family. No one should face these sorts of threats, let alone people in public service.
“It’s an attack on our democracy and must never be tolerated.”
Shadow justice secretary Robert Jenricktold Sky News on Tuesday: “It’s important that the prime minister and anyone in public life has their family, their homes, protected.
“It is absolutely wrong, disgraceful, for any individual to take the kind of action that we saw against the prime minister’s home.”
A 21-year-old man has been arrested over a series of arson attacks, police have said, after a fire at a house owned by Prime Minister Sir Keir Starmer.
The suspect was arrested in the early hours of Tuesday on suspicion of arson with intent to endanger life, according to the Metropolitan Police.
He remains in custody.
Emergency services were called to fires at the doors of two homes in north London within 24 hours of each other – one just after 1.35am on Monday in Kentish Town and the other on Sunday in Islington. Both properties are linked to Sir Keir.
Image: Police are investigating links to several fires, which they are treating as suspicious. Pic: LNP
Detectives were also checking a vehicle fire last Thursday on the same street as the Kentish Town property to see whether it is connected.
Part of the area was cordoned off as police and London Fire Brigade (LFB) investigators examined the scene.
Neighbours described hearing a loud bang and said police officers were looking for a projectile.
Image: Emergency services were deployed to the scene in Kentish Town, north London, on Monday. Pic: PA
Image: Pic: PA
The prime minister is understood to still own the home, which was damaged by fire on Monday, but nobody was hurt. Pictures showed scorching at the entrance to the property.
Sir Keir used to live there before he and his family moved into 10 Downing Street after Labour won last year’s general election. It is believed the property is being rented out.
In the early hours of Sunday, firefighters dealt with a small fire at the front door of a house converted into flats in nearby Islington, which is also linked to the prime minister.
Image: Counter-terror police are leading the investigation. Pic: LNP
In a statement, police said: “As a precaution and due to the property having previous connections with a high-profile public figure, officers from the Met’s Counter Terrorism Command are leading the investigation into this fire.
“Enquiries are ongoing to establish what caused it. All three fires are being treated as suspicious at this time, and enquiries remain ongoing.”
The prime minister’s official spokesman said: “I can only say that the prime minister thanks the emergency services for their work and it is subject to a live investigation. So I can’t comment any further.”
Kemi Badenoch has condemned the suspected arson attacks.
Writing on X, the Conservative leader said: “This is a shocking incident. My thoughts are with the prime minister and his family. No one should face these sorts of threats, let alone people in public service.
“It’s an attack on our democracy and must never be tolerated.”
Shadow justice secretary Robert Jenricktold Sky News on Tuesday: “It’s important that the prime minister and anyone in public life has their family, their homes, protected.
“It is absolutely wrong, disgraceful, for any individual to take the kind of action that we saw against the prime minister’s home.”
Marks & Spencer has revealed customers’ personal data has been taken by hackers after it was hit by a damaging cyber attack.
The retail giant’s chief executive Stuart Machin said the data had been accessed due to the “sophisticated nature of the incident” but stressed that this does not include “usable payment or card details, which we do not hold on our systems”.
There is also no evidence that account passwords have been shared, according to the statement.
M&S did not say how many customers had been affected but in a social media post, Mr Machin said there is “no need for customers to take any action”.
“To give customers extra peace of mind, they will be prompted to reset their password the next time they visit or log on to their M&S account and we have shared information on how to stay safe online,” he said.
M&S had 9.4 million active online customers in the year to 30 March, according to its last full-year results.
Please use Chrome browser for a more accessible video player
1:21
Who is behind M&S cyberattack?
A cybersecurity expert told Sky News, however, that the lack of sensitive data being shared “does not mean that customers are not at risk”.
“With simple data such as names, email addresses, and potentially other personal details like addresses or phone numbers, which have been reported as accessed, attackers can use this information to create highly targeted and convincing phishing emails or text messages,” said Tim Grieveson, CSO at ThingsRecon.
“These emails from attackers can appear very legitimate because they use real personal information.”
He added that stolen personal data can be used “as pieces of a puzzle by fraudsters”.
Image: An M&S in Aberdeen on 29 April. Pic: SponPlague
“For example, if an attacker has your name and address, they might combine it with other publicly available information to attempt to open accounts or conduct other fraudulent activities.”
M&S has been struggling for weeks after hackers, reportedly from the Scattered Spider group, attacked their networks.
Image: M&S’s recruitment page on 1 May. Pic: M&S
The British retailer was forced to halt recruitment amid the ongoing attack that became apparent on Easter Monday.
Shelves around the country have been bare and customers are unable to shop online.
An employee at M&S’s head office, who spoke to Sky News on condition of anonymity, said that last week had been “just pure chaos”.
“We didn’t have any business continuity plan [for this], we didn’t have a cyber attack plan,” the source said.
“In general, it’s lots of stress. People have not been sleeping, people have spent their weekends working, people sleeping in the office – just reactive response.”
The Co-op also faced a similar major incident and was forced to apologise after hackers managed to access the data of a “significant number” of past and current members.
In the same week, luxury department store Harrods also suffered an attempted hack and temporarily restricted internet access across its sites as a precautionary measure.
The National Crime Agency has said it is investigating the attacks individually but is “mindful they may be linked”.