On Sunday, regulators took control of another financial firm, Signature Bank, which is used by many Broadway productions.
, the U.S. bank known for lending to technology companies, despite regulators’ moves to contain the crisis and avoid a domino effect with various measures.
U.S. markets also opened the week lower, driven by a drop in banking stocks, but they recovered and were roughly unchanged as of 10 a.m. ET after U.S. President Joe Biden tried to reassure investors, saying: “No losses will be borne by the taxpayers.” The ripple effects of the SVB collapse will also impact the U.S. entertainment industry. Hollywood payroll services firm Wrapbook, which told its production company customers on March 10 that payroll processing would be delayed, gave an update to clients on Sunday saying it will be processing outstanding worker payments on Monday via direct deposit and expects to be “fully operational” by Wednesday.
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