Silicon Valley Bank’s 48-hour collapse led to the second-largest failure of a financial institution in US history.
SVB was one of America’s 20 largest commercial banks and is now under the control of the US Federal Deposit Insurance Corporation after it became unable to pay back customers that withdrew their deposits.
Though experts quelled fears of a wider contagion, the bank’s collapse could have significant ramifications on the startup and tech sectors.
Source : Key lessons from the failure of America’s second-largest bank