SVB was a massive bank. Here's what we know so far about America’s second-largest bank failure.
Silicon Valley Bank’s 48-hour collapse led to the second-largest failure of a financial institution in US history. SVB was one of America’s 20 largest commercial banks and is now under the control of the US Federal Deposit Insurance Corporation after it became unable to pay back customers who withdrew their deposits. Though experts quelled fears of a wider contagion, the bank’s collapse could have significant ramifications on the startup and tech sectors. Here’s everything we know so far.
Banks and lenders with specialized clientele, just like SVB, will feel the brunt of the fallout. “The reason [SVB is] in trouble is because they have exposure to particular industries,” said Jonas Goltermann, deputy chief markets economist at Capital Economics. Most other banks, he added, are more “diversified.” There’s also less anxiety about the stability of the banking sector due to the significant regulatory reforms put in place after the crisis in 2008.
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