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☆ The Fed hiked rates further but Wall Street is already pointing to tighter conditions on the ground
▼ + stars: | 2023-03-23 | by ( Jason Ma | ) www.businessinsider.com time to read: +6 min

Between fighting inflation or the bank crisis, the Federal Reserve leaned toward the former. Wednesday's move comes despite the bank crisis, which previously led investors to price in a series of Fed rate cuts starting this summer. Indeed, Wall Street has started pointing to the facts on the ground when it comes to financial conditions. The banks are still tightening credit conditions and … non-bank lenders are as well," he told Bloomberg TV hours before the Fed meeting. Billionaire investor Mark Mobius says he is "very, very skeptical" of investing in bank stocks.

☆ The Fed is about to deliver a momentous policy decision. It'll be a choice between keeping the focus on inflation or stemming the banking chaos.
▼ + stars: | 2023-03-22 | by ( Max Adams | ) www.businessinsider.com time to read: +6 min

Powell and the Fed may acknowledge that monetary policy has caused some pain, and even add that more may be coming. What's your prediction for today's Fed decision and what Powell might say about the recent banking tumult? A market analyst says investors need to have some key questions answered by the Fed today. Market watchers should pay attention over whether the central bank sees the SVB collapse and resulting crisis as deflationary. The governor of Florida has proposed legislation to ban a central bank digital currency and has called on like-minded states to do the same.

☆ How Amazon’s flawed job posting process caused it to overhire
▼ + stars: | 2023-03-22 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Before I go check my remaining stash to make sure it's all real, let's dive into today's tech. Amazon's flawed job posting process. The company had little oversight of the hiring process until last year, Insider learned. Check out this leaked, all-hands message about "single-digit" percentage cuts to AWS)My colleague Eugene Kim breaks down Amazon's flawed hiring process. He shared the red flags he overlooked during the hiring process, including the hiring of a new chief revenue officer.

☆ Google workers tell Sundar Pichai “don’t be evil” while conducting layoffs.
▼ + stars: | 2023-03-21 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

While I daydream about getting my culinary education partially comped too, let's dive into today's tech. Googlers tell CEO Sundar Pichai: "Don't be evil." But more than 1,400 Googlers asked their CEO to continue the spirit of the adage by handling layoffs better. They cited Ukraine as an example and urged Pichai to offer extra support for workers who hold work visas. Today, Vice Media is scrambling for a buyer, and its future will likely be determined in the coming months.

☆ Everything you need to know about UBS's historic $3 billion deal to rescue rival bank Credit Suisse
▼ + stars: | 2023-03-21 | by ( George Glover | ) www.businessinsider.com time to read: +6 min

UBS agreed to buy its longtime rival Credit Suisse for $3 billion on Sunday. There's one big winner — and lots of losers — from the Credit Suisse rescue deal. The deal announced Sunday afternoon valued Credit Suisse shares at just 0.76 Swiss francs, one-fifth of the price the Saudi National Bank paid. Lastly, the merger between UBS and Credit Suisse could be bad news for the Fed. Here's how the Credit Suisse rescue deal impacts the central bank.

☆ Swiss banking, known for its secrecy, gets put in the spotlight
▼ + stars: | 2023-03-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Credit Suisse stock plummeted on Wednesday during the bank's largest one-day selloff to date. UBS begrudgingly agreeing to acquire rival Credit Suisse has put Swiss banking on center stage. Credit Suisse has stumbled through its fair share of crises in recent years. The sale of Credit Suisse for $3.2 billion begs the question: What the hell are neobanks worth? If a long-established, albeit beleaguered, investment bank was sold at such a discount, then what could a digital-only consumer bank really go for?

☆ Picking up the pieces in the wake of SVB's collapse
▼ + stars: | 2023-03-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

It's just over a week from Federal regulators announcing they would be bailing out depositors of Silicon Valley Bank and Signature Bank. Now, the FDIC said Sunday that New York Community Bancorp's Flagstar Bank will take on nearly all of Signature Bridge Bank's deposits. Credit Suisse, whose problems long preceded SVB's downfall, to be fair, is getting acquired by Swiss rival UBS. Silicon Valley Bank was the bank for tech. The people backing venture capitalists, known as limited partners, share their thoughts on how VCs handled the crisis at Silicon Valley Bank.

☆ The stock market is going to be trading flat as long as risk-free assets offer much more yield
▼ + stars: | 2023-03-20 | by ( Max Adams | ) www.businessinsider.com time to read: +6 min

Meanwhile, markets are still reeling from the SVB fiasco, but there's a simpler reason why the stock market is going to be trading flat for the foreseeable future. Banking turmoil aside, the stock market doesn't have much momentum as long as investors are getting much higher yields on risk-free assets. Even before Silicon Valley Bank crashed, investors were feeling the pain of a volatile stock market. What's your prediction for the stock market through the first half of this year? Zurich-listed shares of Credit Suisse are down more than 58% early Monday.

☆ The inside story of hot startup Deel's grow-at-all-costs culture
▼ + stars: | 2023-03-20 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Deel employees told Insider how the startup exploded. In just three years, the HR services startup grew from under 30 employees to over 2,000. My colleague Rob Price talked with more than 30 current/former Deel employees about its astronomical rise. Get a front row seat to Deel's grow-at-all-costs approach — intense, even for Silicon Valley. Loyalty, loyalty, loyalty: Why people are sticking with Silicon Valley Bank.

☆ TikTok's potential buyers
▼ + stars: | 2023-03-18 | by ( Hallam Bullock | ) www.businessinsider.com time to read: +4 min

Analysts estimate the price tag for TikTok's US assets could fall anywhere between $40 billion and $100 billion. ": Married couple who both worked for Silicon Valley grieved after its collapse. Peter Thiel said he had $50 million in a personal account at Silicon Valley Bank when it collapsed. Silicon Valley Bank employees react to the bank's collapse Getty ImagesFrom our tech analysis team:9. Silicon Valley Bank's meltdown shows that tech's elites need the government after all.

☆ Goldman Sachs just told us the banking crisis makes it more pessimistic about the economy - and other recession signals are blaring too
▼ + stars: | 2023-03-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

The bank crisis that started with Silicon Valley Bank last Friday continues to unfold with what feels like to-the-minute developments. First Republic Bank branch on Park Avenue in New York City. In light of the bank runs, bank failures, and bank stock volatility, those odds are now at 35%, strategists said Thursday, citing "increased near-term uncertainty" surrounding the effects of small bank stress. Silicon Valley Bank and Signature Bank marked the second and third largest bank failures in history, respectively, behind only Washington Mutual in 2008. She explained why you should be prepared for more interest-rate volatility as fears of a financial crisis rise.

☆ Big banks to the rescue
▼ + stars: | 2023-03-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Goldman Sachs' decision to charge employees for coffee might not be that outrageous after all! The largest US banks — headlined by Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo — just pledged a total of $30 billion in deposits to First Republic Bank. As detailed in a release announcing the news, the 11 banks, which also included Goldman Sachs and Morgan Stanley, believe the move "demonstrates their overall commitment to helping banks serve their customers and communities. I can't imagine the big banks looking to pull the rug out from First Republic four months from now, but this money was a deposit, not a donation. Read more about how big banks came to the rescue of First Republic with $30 billion in deposits.

☆ Current and former Rokt employees told Insider about blackface, booze, and blurred lines
▼ + stars: | 2023-03-17 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

They told my colleague Jordan Pandy that Charlotte seemed affordable and diverse on paper. The photo was shown at a company-wide meeting to highlight how "fun" working at $2 billion ad-tech startup Rokt was, an Insider investigation reveals. He said blackface isn't a big deal in Australia, where the company was founded and where the photo was taken. But more than 30 current and former employees told my colleagues Jack Newsham and Madeline Stone that they had a different experience. Come behind the scenes of Rokt with us, where Insider reports that booze and blurred lines flow rampantly.

☆ Larry Fink's annual letter to BlackRock investors was about getting back to basics
▼ + stars: | 2023-03-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

BlackRock CEO Larry Fink GettyImages / Eugene Gologursky1. If you're looking for controversy in Larry Fink's annual open letter to investors, better luck next year. Despite this year's letter clocking in at roughly 9,000 words — have you thought about getting an editor, Larry? — Fink largely avoided discussing a favorite, albeit controversial, topic of his: ESG investing. Click here to read more about Larry Fink's latest annual letter that largely avoided hot political topics.

☆ Artificial intelligence will replace work jerks. People skills will become more important.
▼ + stars: | 2023-03-16 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

She turned into a hologram to see what the future of work might look like. When dealing with a difficult manager, it's important to identify what they hold true or what speaks to their values. That coworker who's brilliant — but a horrible person — better watch out. Employees will find out within the next 30 days whether they need to return to the office, per a leaked email. A leaked email shows Amazon has been working behind the scenes on AI.

☆ Silicon Valley Bank's failure might just spark a faster housing rebound
▼ + stars: | 2023-03-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Now let's see how the fast-moving banking turbulence impacts the highly sensitive US housing market. "It seems that home sales activity has bottomed out, and 2023 will be the turning point for the housing market," she said. While her long-term outlook on a housing rebound hasn't changed, mortgage rates look set to fall faster than previously expected, which could allow more Americans to enter the housing market. And looking ahead to the Fed's meeting next week, Evangelou expects policymakers to moderate their aggressive policy. In other news:The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland October 28, 2020.

☆ Google wasted its pandemic opportunity. Now, it's scrambling to catch up.
▼ + stars: | 2023-03-15 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

This Amazon worker similarly enjoys office life. The company is currently also lagging in the AI space (thanks to the buzzy AI chatbot ChatGPT). Now, the company is going all in on AI instead. Check out his experiences with the AI tools here. It remains the only Big Tech company to avoid widespread layoffs.

☆ What we lend in the shadows
▼ + stars: | 2023-03-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

"What We Do in the Shadows." New companies, especially ones that don't make any money are "pre-revenue," as VCs like to say, aren't easy to lend to. — there are also risks to letting investment firms lend billions of dollars without much oversight. Private-credit firms are looking to fill the lending gap left by Silicon Valley Bank's downfall. Inside Silicon Valley Bank's $70 billion loan portfolio that's now up for grabs.

☆ Silicon Valley Bank and inflation complicate the Fed’s next move
▼ + stars: | 2023-03-15 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Everyday now we've been talking about Silicon Valley Bank — SVB — and I've had to catch myself several times from saying SBF — Sam Bankman-Fried — the guy behind the other big financial collapse in recent months. A) No rate hike at allB) 25 basis pointsC) 50 basis pointsTweet me (@philrosenn) or email me (prosen@insider.com) to let me know. Bank stocks are rising again as nerves calm — though SVB-driven fears are still niggling. Bank of America picked out a batch of financial stocks that offer upside right now amid the chaos. The token soared 15% as the February CPI print fueled more speculation for a smaller rate hike.

☆ Wall Street reacts to Silicon Valley Bank's bailout
▼ + stars: | 2023-03-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +3 min

When federal regulators stepped in to guarantee deposits at Silicon Valley Bank and Signature Bank late Sunday (more on that here), the goal was simple: Ease the public concerns and calm the markets. Silicon Valley Bank was shut down by regulators on Friday. So about that auction... SVB Financial Group, the parent company of Silicon Valley Bank, is still looking for a buyer. Silicon Valley Bank's UK arm was sold to HSBC for roughly $1 (no, I'm not missing any zeros). Silicon Valley Bank died so interest-rate hikes would stop.

☆ The unintended consequences of remote work
▼ + stars: | 2023-03-14 | by ( Paayal Zaveri | ) www.businessinsider.com time to read: +5 min

While remote work offers flexibility, it often comes at the cost of maintaining a work-life balance. Remote work has also made it possible to hire anyone anywhere, which CEOs and hiring managers are starting to realize. Tech companies are offshoring jobs, due to America's broken immigration system, and remote work is making it easier. American tech companies are offshoring jobs, but it isn't all because of remote work. He says remote work led to all of this in the first place.

☆ More banks could soon fail - but that could end up being good news for stocks
▼ + stars: | 2023-03-14 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

Still, no matter what the Consumer Price Index clocks in at, it's possible that the failures of Signature Bank and Silicon Valley Bank already convinced Jerome Powell to take his foot off the gas. Silicon Valley Bank employees react to the bank's collapse Getty Images1. With the government rescuing Signature and Silicon Valley Bank depositors, not all the downside has been contained, according to Wharton finance professor, Itamar Drechsler. Silicon Valley Bank's CEO, Greg Becker, previously asked Congress to ease regulatory oversight on the bank. But, as Jefferies analysts put it, "the world changed" with Silicon Valley Bank's failure.

☆ Everything you need to know about a crazy weekend in the wake of Silicon Valley Bank's failure
▼ + stars: | 2023-03-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

It's all about Silicon Valley Bank going down and the knock-on effects. If you're not up to speed, here's a quick rundown on what the hell happened at Silicon Valley Bank. The US Treasury, Federal Reserve Board, and the Financial Deposit Insurance Corporation announced they would "fully protect" all depositors who had funds in Silicon Valley Bank. Regulators also made one thing clear with their announcement: "No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer." Nobel Prize-winning economist Paul Krugman has a new name for Silicon Valley Bank.

☆ Two big Silicon Valley banks failed when the easy money ran out - and that could be just the start.
▼ + stars: | 2023-03-13 | by ( Hallam Bullock | ) www.businessinsider.com time to read: +7 min

Before we jump into the newsletter, the Silicon Valley Bank saga is continuing to unfold, so let's quickly break down the latest. "No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer," policymakers added. The fall of SVB and Signature bank means the Fed's aggressive interest-rate hiking regime has now taken sizable casualties. A $15 billion venture capital firm had warned its startups of Silicon Valley Bank's red flags months ago. Greenoaks Capital Partners told clients in an email back in November that SVB, as well as other firms, could see problems in a high-interest-rate environment, Bloomberg reported.

☆ Ditching autism care for software
▼ + stars: | 2023-03-11 | by ( Hallam Bullock | ) www.businessinsider.com time to read: +4 min

He raised $200 million to transform autism care. Now, he's ditching patients to sell healthcare software. Yury Yakubchyk, the cofounder and CEO of Elemy, raised more than $200 million to provide better autism therapy for kids. Instead of delivering care itself, instead of delivering care itself, the company wants to sell software to clinicians running their own businesses. It's all fake work," Rabois said.

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