Here’s how the second-biggest bank collapse in U.S. history happened in just 48 hours
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Photo caption: A Brinks armored truck sits parked in front of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Photo credit: Justin Sullivan | Getty Images. Article by Hugh Son, Rohan Goswami, Jonathan Vanian. CNBC – March 10, 2023.
Key Points
- The company’s downward spiral began late Wednesday, when it surprised investors with news that it needed to raise $2.25 billion to shore up its balance sheet.
- “This was a hysteria-induced bank run caused by VCs,” Ryan Falvey, a fintech investor of Restive Ventures, told CNBC.
- All told, customers withdrew a staggering $42 billion of deposits by the end of Thursday, according to a California regulatory filing.
- Now, those who remained with SVB face an uncertain timeline for retrieving their money. […]
