Market Movers

  • First Citizens to buy large chunk of failed Silicon Valley Bank. The deal will see First Citizens Bank purchase around $72 billion of Silicon Valley Bank assets at a discount of $16.5 billion. A further $90 billion in securities and other assets will remain “in receivership for disposition by the FDIC.”
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  • Salesforce averts Elliott proxy fight after share gains. Elliott won’t proceed with its planned director nominations following Salesforce’s 2023 fiscal year report where its price rose* and the enterprise software company made a series of strategic changes, transformation initiatives, and “clear focus on value reaction,” the companies said in a joint statement on Monday.

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