Share
PLUS: Zuckerberg & Meta on supporting creators

BANK PANIC RESUMES, ZUCK LAYOFF REACTION

Hey Basis Pointers -- Markets calmed a bit yesterday but bank panic is back full tilt today. Preview of today's posts so far:

- U.S. banks selling again as Swiss bank Credit Suisse's biggest investor won't increase stake above 10%.

- Silicon Valley Bank's new CEO -- an ideal SVB leader in this moment -- wants depositors back. Read his letter to tech startups.

- Zuckerberg espouses leanness in super long post, LOL. Still, you should read how a $500b tech firm sees world and supports creators.

- Top Dem financial policymaker applauds FTC 4-0 vote to block giant mortgage software deal.

Please keep your replies coming -- we incorporate your notes into our content and our thinking. You can also chime in on site posts our our LinkedIn page.

Meta's 10k layoffs in 'Year of Efficiency' announced in Longest. Post. Ever.

Zuckerberg 10k layoff post to Meta employees launching ‘Year of Efficiency’ - The Basis Point
Zuckerberg announces 10k layoffs to employees in post. Introduces ‘Year of Efficiency’ with ‘Flatter is Faster’ and ‘Leaner is Better’ strategies. Here’s the full post (if you have an hour).
/ Read More

Meta bailing on Facebook and Instagram NFTs to support creators in 'Year of Efficiency'

Read Meta commerce & fintech lead Stephane Kasriel tweets 'winding down collectibles (NFTs) for now to focus on other ways to support creators' like FB messaging and IG Reels monetization
/ Read More

Stock chart diagram by Reuters showing Credit Suisse troubles 2020 to SVB crisis. Then top investor paused.

Credit Suisse lost almost a quarter of its value on Wed 3/15, dropping to a new record low after its largest investor said it won't increase it's position above 10%.
/ Read More

Credit Suisse leads Wed 3/15 bank share decline as biggest Saudi backer won't increase support

Banking crisis spreads to Europe, led by Credit Suisse trouble. In U.S., Wells, Citi and key regional bank stocks started selling again March 15
/ Read More

Hey Startups, new Silicon Valley Bank CEO is strong, and wants your deposits back

Tim Mayopoulos, the former Fannie Mae chief who's now CEO of Silicon Valley Bank, wants deposits back. Here's the letter he wrote.
/ Read More

Top Dem on House Financial Services Committee 'applauds' FTC move to block $11.7b ICE & Black Knight mortgage software deal

On Dec 21, then Chairwoman Maxine Waters called for robust FTC review of proposed ICE acquisition of Black Knight. On March 14, she commended FTC 4-0 vote to block deal.
/ Read More

iPhone & Twitter were babies when WAMU failed, making SVB the first social media bank run ever

The rapidity of the [SVB] crisis and social media has taught us that tech is obsoleting the current regulatory structure, which was built in the 1930s.
/ Read More

White House watching First Republic, others closely but U.S. banks in ‘vastly better position right now’

A White House official told Reuters they’re carefully monitoring developments at First Republic and other smaller banks after Fed, Treasury, FDIC actions to protect depositors following SVB collapse
/ Read More

Did you get this email forwarded or via social? Subscribe Here



Email Marketing by ActiveCampaign