Major US tech bank implodes ...News

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Major US tech bank implodes
source : Russia Today ( News ) () 48
The collapse of Silicon Valley Bank is considered the biggest bank failure since the 2008 financial crisis US tech and start-up focused Silicon Valley Bank (SVB) was shut down by regulators on Friday after depositors rushed to withdraw their money amid worries over the bank’s financial health. According to an announcement from the Federal Deposit Insurance Corporation (FDIC), California regulators have taken control of the lender’s deposits and transferred the assets to a newly created entity, the Deposit Insurance Bank of Santa Clara. SVB, a major bank for venture-backed firms, ranked as the 16th biggest US lende

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