People gathering outside the bank following the second largest bank collapse in US history

Image from preview.redd.it and submitted by flyingcatwithhorns
image showing People gathering outside the bank following the second largest bank collapse in US history

EvictYou on March 11st, 2023 at 14:17 UTC »

Spirit Halloween gonna do great things with that safe

flyingcatwithhorns on March 11st, 2023 at 14:44 UTC »

Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded.

89% of the bank's $175 billion in deposits were uninsured as the end of 2022, according to the FDIC, and their fate remains to be determined.

Companies such as video game maker Roblox Corp RBLX.N and streaming device maker Roku Inc (ROKU.O) said they had hundreds of millions of dollars in deposits at the bank. Roku said its deposits with SVB were largely uninsured, sending its shares down 10% in extended trading.

Technology workers whose paychecks relied on the bank were also worried about getting their wages on Friday. An SVB branch in San Francisco showed a note taped to the door telling clients to call a toll-free telephone number.

https://www.reuters.com/business/finance/global-markets-banks-wrapup-1-2023-03-10/

Biggest bank failures in US:

Washington Mutual Bank, Year 2008 - $307 billion in assets ($426 billion after roughly adjusted for inflation until 2023) Silicon Valley Bank, Year 2023 - $209 billion in assets Continental Illinois National Bank and Trust, Year 1984 - $40.0 billion in assets ($115 billion after roughly adjusted for inflation until 2023)

slowcheetah4545 on March 11st, 2023 at 15:40 UTC »

Seems a rather docile gathering for the 2nd largest bank collapse in US history