Silicon Valley Bank fails to find buyer as run on bank outpaced sale process
Publishing timestamp: 2023-03-10 12:31:51
Summary
SVB Financial's shares dropped 60% after announcing plans to raise over $2 billion in capital. The bank was unable to find a buyer and deposit outflows were outpacing the sale process, leading to financial regulators shutting down Silicon Valley Bank and taking control of its deposits. The bank's troubles are seen as highly idiosyncratic and unlikely to spread throughout the banking system.
Sentiment: NEGATIVE
Tickers: SIVB,
Keywords: investment strategy, breaking news: business, wall street, markets, technology, business news, svb financial group, banks, david faber,