What we covered here

  • The Federal Reserve announced Monday it has launched a review of the supervision and regulation of Silicon Valley Bank following the lender's sudden implosion.
  • US and UK authorities have been working to prevent wider financial chaos after Friday's collapse, the biggest failure of a US bank since 2008.
  • President Joe Biden underscored Monday that the US banking system remains “safe" as he laid out how his administration's plans to contain the collapse.
  • Over the weekend, US regulators also shut down Signature Bank, a regional bank teetering on the brink of collapse.

Our live coverage has ended. Follow the latest economic and banking news here or read through the updates below.