Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis
Publishing timestamp: 2023-03-10 20:41:17
Summary
The Federal Deposit Insurance Corp. (FDIC) has taken control of Silicon Valley Bank, the largest U.S. bank failure since the global financial crisis. Insured depositors will have access to their deposits by Monday morning, but it is unclear what will happen to uninsured depositors and whether depositors with more than $250,000 will get all their money back. SVB was a major bank for venture-backed companies, and its closure will impact not only deposits but also credit facilities and other forms of financing. The move represents a rapid downfall for SVB, which announced on Wednesday that it was looking to raise more than $2 billion in additional capital after suffering a $1.8 billion loss on asset sales.
Sentiment: NEGATIVE
Tickers: SIVB,
Keywords: financials, breaking news: markets, business news, svb financial group, banks,