The shockwaves and aftershocks of the failure of one bank are likely to linger for years, and these tremors will likely change the way companies are built in the future.

Moody’s downgraded the credit rating of six regional banks, including the holding company of San Jose’s Bridge Bank.

Shares of Western Alliance Bancorp (WAL) – the parent company of San Jose’s Bridge Bank – took an 84% plunge in the first 90 minutes of trading, before rebounding to $23.09 per share by 1:30 EDT.

The FDIC move came less than two hours after a decision by tech funding giant SV Financial Group, parent company of Silicon Valley Bank, to halt trading shortly after markets opened this morning on NASDAQ – after its stock collapsed in 24 hours from $176.55 to $39.25 per share – sent shock waves across financial markets worldwide.

The city had estimated that the $25 fees would yield $1.3 million, to be collected by a non-profit foundation established to distribute all fee revenue to community-based programs focused on reducing gun violence. That revenue estimate was based on 100% participation of the city’s estimated 52,000 gun-owning households – one of every 15 city adults.

Wind gusts are expected to reach 40 to 50 mph, with blowing snow and reduced visibility in the higher elevations.

Following an investigation of a patient suicide, state and federal health officials concluded that Valley Medical Center had failed to fully address serious, systemic and recurring issues that had placed patients at risk.

The state law violates federal law, the federal appellate court ruled Jan. 15 in a 2-1 decision, which is considered a victory for big business and a major blow to workers.

Independent political action committees were big spenders for the 2022 mayoral candidates.

The city’s shifting demographics, a continuing affordable housing shortage, endemic homelessness, a looming budget deficit and the reality of five council elections – plus another mayoral ballot – in just two years create additional uncertainties.

Reports filed with the state in the last six months showed 3,384 permanent layoffs among tech employers in Santa Clara County, and 8,765 permanent tech layoffs statewide since August.

Arjun Batra led on all three ballots during the council selection process, which required a two-thirds majority to win.

The vote came after six hours of interviews, comments and deliberations on the merits of five finalists who had been picked by the council last week. The process had been abruptly interrupted at 7pm by “an urgent adjournment to a closed session” to consider allegations that Candelas had been given questions in advance.

When a divided San Jose City Council decided in December to appoint rather than hold an election to fill two vacant seats in 2023, they pledged the process would be 'transparent.' 

Armed with the results of a new poll that shows overwhelming popular support for a special election to fill vacant District 8 and District 10 seats, council members next week may reconsider a plan rejected by a largely lame-duck city council last month.

Biden has previously approved Newsom’s disaster declaration request, including public and individual support for Santa Cruz, Monterey and San Luis Obispo counties.