Live Updates: Banks and Global Markets

SVB Financial Group, the company that owned the failed Silicon Valley Bank until the US government took it over last week, has filed for Chapter 11 bankruptcy protection. Meanwhile, governments around the globe are stepping in with extraordinary rescue plans to keep the banking system stable. US regulators orchestrated a $30 billion cash infusion into First Republic Bank, a regional bank with a similar profile to the failed Silicon Valley Bank. But Credit Suisse continued to sink as the need for a government or private rescue appears more certain. China’s central bank has made a surprise cut to the amount of money that banks must keep in reserve, in an effort to keep money flowing through the financial system and prop up the economy.