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- Silicon Valley Bank, the go-to bank for US tech startups, facing a sudden bank run and capital crisis, collapsed Friday morning, leaving its high-powered customers and investors in limbo. It was taken over by federal regulators. It was the largest failure of a US bank since Washington Mutual in 2008.
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Timeline of the collapse of Silicon Valley Bank (SVB)
DateEvent2018Ex-CEO Greg Becker supports the Economic Growth, Regulatory Relief and Consumer Protection Act, enacted in 2018, which reduces the stress testing requirements implemented under the Dodd–Frank Act for banks.2020-2022During the pandemic-era tech boom, SVB's deposit base triples in size. The bank uses a large share of the funds to purchase long-term bonds.Mar. 8, 2023Due to an aggressive series of interest rate hikes by the Fed to combat inflation and macroeconomic issues, the bank announces a loss of $1.8 billion on the sale of their bonds.Mar. 9, 2023Shares of SVB fall 60% in response to investor concern. Depositors, mainly VC firms and tech startups, begin to withdraw their funds from the bank.Mar. 10, 2023The rapid withdrawal of funds puts the bank on the verge of collapse. The FDIC takes over SVB in an effort to protect depositors.Mar. 11, 2023Prominent investors and tech executives criticize a perceived lack of government action to rescue the bank beyond the guaranteed amount of $250k for each account.People also ask
Why did Silicon Valley Bank collapse?
Why did depositors withdraw money from Silicon Valley Bank?
Is Silicon Valley Bank dead?
Why did Silicon Valley Bank Yank 42 billion?
Mar 14, 2023 · The latest on the Silicon Valley Bank collapse. By Aditi Sangal, Nicole Goodkind, Lucy Bayly and Elise Hammond, CNN. Updated 9:06 PM ET, Wed March 15, 2023. What we're covering here.
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6:32 p.m. ET, March 13, 2023. No, you shouldn't pull your...
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Mar 15, 2023 · March 15, 2023. 阅读简体中文版 閱讀繁體中文版. On Friday, Silicon Valley Bank, a lender to some of the biggest names in the technology world, became the largest bank to fail since the 2008 financial...
Mar 10, 2023 · Silicon Valley Bank was taken over by federal regulators on Friday, capping a spectacular collapse after the lender suffered a run on deposits.
- David Gura
Mar 16, 2023 · Since the failure of Silicon Valley Bank, First Republic has lost more than 70 percent of its market value, despite efforts over the weekend to shore up its finances with $70 billion in...
Mar 14, 2023 · Inside the Collapse of Silicon Valley Bank - The New York Times. While its leader extolled innovation and the future of tech, the bank paid less attention to risk management and was caught...
