The sound and the fury of banking failures

Silicon Valley Bank became a household name for all the wrong reasons. (Image: Getty)

Thu, 23 Mar 2023

When banks blow up, it’s a significant thing. They’re meant to be the institutions that can withstand the ebbs and flows of an increasingly connected global economy and should be the place to park your money – either as a depositor or even as a shareholder. To see two chunky mid-tier United States banks fall over is reminiscent of the early days of the global financial crisis (GFC) 15 years ago. To see a venerable Swiss institution knocked out and taken over by a rival to form a Zürich powerhouse is scarily...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Economy

‘Uncertainty abounds’: Willis on trade war challenges

The impacts for NZ are twofold and will make its economic recovery harder, Willis says.

Rebecca Howard 4:40pm

Infrastructure

Billions needed for Northwest Busway

The rolling maul of transport-related announcements continues.

Oliver Lewis 3:40pm

Markets

Transpower cautious over hydro lake level rule changes

Transpower can authorise hydro lakes to dip further.

Ian Llewellyn 1:15pm

Transpower cautious over hydro lake level rule changes

Sponsored

“Not an invisible footprint”: Why technology supply chains need optimising

Outdated hardware is a supply chain and cost risk.

Datacom

Sponsored

Bayleys Total Property Issue 3 out now

Backed by Bayleys’ national strength and global reach

Bayleys

More Finance

Finance

PEP seeking payday from UP Education

UP Education is a NZ success story in Australia.

Pattrick Smellie 5:00am

Finance

FNZ extends controversial catch-up offer

Fintech FNZ has extended its deadline for “catch-up” equity offers, as employee shareholders say discontent grows.In March, the global fintech offered its class B shareholders a “catch-up” offer after it revealed their holdings could be massively diluted following its August capi...

Victoria Young 16 Apr 2025