Biggest US Banking Failure Since 2008
Silicon Valley Bank Collapse is the biggest failure of a US bank since 2008
The abrupt failure of Silicon Valley Bank has left depositors, investors, and businesses with billions of dollars in the lurch.
Following a sharp drop in the value of its stock, US regulators closed the doors of SVB, a commercial lender and Financial Group with US origin.
Market losses of nearly $80 billion were caused by the collapse.
The management of Silicon Valley Bank attempted to sell itself after a failed fundraising effort, but to no effect as deposits were immediately drained.
The bank was currently shut down and placed under FDIC receivership by the California DFPI, making it the greatest US bank failure since the financial crisis.
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