First Republic and PacWest Bancorp plunge as fears of contagion grow following the biggest bank failure since 2008

Tech Insider
Trader at NYSE
A trader works at the New York Stock Exchange NYSE in New York, the United States, on March 9, 2022.

Michael Nagle/Xinhua via Getty

Silicon Valley Bank is a particularly scary failure. Here's why.

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A Brinks armored truck sits parked in front of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California.
A Brinks armored truck sits parked in front of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California.

Justin Sullivan / Getty Images North America

Larry Summers says Silicon Valley Bank doesn't present systemic risk as long as it's handled reasonably

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larry summers
Larry Summers

Hyungwon Kang/Reuters

A $15 billion VC firm warned its startups of Silicon Valley Bank's red flags months ago and they withdrew $1 billion ahead of the turmoil

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SVB
UKRAINE - 2021/04/09: In this photo illustration the Silicon Valley Bank (SVB) logo is seen on a smartphone and a pc screen. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)

Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Citadel boss Ken Griffin made $4.1 billion last year, the most of any hedge fund manager in history

Tech Insider
Ken Griffin
Ken Griffin, Founder and CEO, Citadel, speaks during the Milken Institute's 22nd annual Global Conference in Beverly Hills, California, U.S., April 30, 2019.

Mike Blake/Reuters

Swiss Bank UBS gave its CEO an 11% pay hike in 2022, but it cut employees' bonus pool by 10%

Tech Insider
UBS CEO Ralph Hamers of Swiss bank UBS addresses a news conference in Zurich, Switzerland February 20, 2020.
UBS CEO Ralph Hamers received a pay hike for 2022.

REUTERS/Arnd Wiegmann

Some traders say ChatGPT gives them out-of-date information and they waste time fact-checking

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Traders

(Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)

Prosecutors say Sam Bankman-Fried helped create a new company with no employees to get round FTX being rejected for a bank account in California

Tech Insider : Crypto
FTX founder Sam Bankman-Fried leaves Manhattan federal court in New York, Thursday, Feb. 16
Sam Bankman-Fried.

AP Photo/Seth Wenig

Goldman Sachs and Citi are reportedly restricting employees' use of ChatGPT as big banks crack down on the popular AI tool

Tech Insider
The Citibank building in Canary Wharf, London's financial district.
Citibank building in Canary Wharf, London's financial district.

Mike Kemp/In Pictures via Getty Images

Don't Call It a Comeback: Ozy's CEO Arrested for Fraud

Gizmodo

Ozy CEO and co-founder, Carlos Watson, was arrested on Thursday for conspiring to commit securities fraud and conspiring to commit wire fraud. His arrest comes just days after fellow co-founder and Chief Operating Officer Samir Rao and Suzee Han, Ozy’s former chief of staff, pleaded guilty to fraud charges.

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