Silicon Valley Bank

Business

Global Banking Crisis: What Just Happened?

BySamod Biobaku March 19, 2023March 18, 2023

Last Friday, the biggest failure of a US bank since the global financial crisis was playing out in real time as a major lender to the tech industry succumbed to a classic bank run. Silicon Valley Bank’s customers were frantically pulling their money from the California-based lender before US regulators intervened to take control. But…

Business

SVB Depositors, Investors Tried to Pull $42 Billion From Silicon Valley Bank

BySamod Biobaku March 12, 2023March 11, 2023

Investors and depositors tried to pull $42 billion from Silicon Valley Bank on Thursday in one of the biggest US bank runs in more than a decade, according to a Friday regulatory filing. At the close of business on March 9, the bank had a negative cash balance of $958 million, according to an order…