Startup-focused lender SVB Financial Group became the largest bank failure since the 2008 financial crisis on Friday.
Startup-focused lender SVB Financial Group became the largest bank failure since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets and left billions of dollars belonging to companies and investors stranded. California banking regulators closed the bank, which did business as Silicon Valley Bank, on Friday and appointed the Federal Deposit Insurance Corporation as receiver for later disposition of its assets.
“Access to the cash is the biggest problem for the majority of the companies here. If you’re a startup, cash is king. The cash and the workflow, to be able to have the runway is critical.” SVB Financial CEO Greg Becker sent a video message to employees on Friday acknowledging the “incredibly difficult” 48 hours leading up to the collapse of the bank. “I can’t imagine what was going through your head and wondering, you know, about your job, your future,” he said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silicon Valley Bank, the tech bank causing tremorsSilicon Valley Bank triggered a panic in the banking sector on Friday, with shares in leading lenders around the world plunging.
Read more »
Asian stocks slide on US bank concernsSilicon Valley Bank loses about 70% of its value unleashing fears of broader banking-system stress
Read more »
Global shares hit two-month lowInvestors dumped banks on fears of contagion after a capital raising at Silicon Valley Bank
Read more »
Canada central bank pauses rate hikes, holds at 4.5%The Bank of Canada on Wednesday became the first major central bank to pause its aggressive monetary policy in recent months.
Read more »
S.Africa's Standard Bank reports 33% rise in full year profitS.Africa's Standard Bank Group reported a 33% rise in full year profit as the lender benefited from higher interest rates and other transactional activities.
Read more »
Standard Bank reaches highest profits everSA’s largest banking group by assets StandardBankZA reported record-high full-year profits for the period ended in December 2023, as local banks benefit from the endowment effect of higher interest rates boosting top-line earnings. NtandoThukwana
Read more »