In the USA, the largest bank failure since the 2008 crisis occurred - the collapse of Silicon Valley Bank. It is one of the key lenders for tech startups located in California. The New York Times writes about it.
Now the bank's 175 billion assets are placed under the management of the authorities in the form of the Federal Deposit Insurance Corporation.
Silicon Valley Bank is the 16th largest American bank by assets. However, the bankruptcy is already called the second largest in the history of the United States. Which "awakened memories of the global financial panic a decade and a half ago."
Silicon Valley Bank's collapse came two days after it capped withdrawals and "a sharp drop in the value of its investment assets rattled Wall Street and investors." Judging by the photo, depositors are already lining up to withdraw their deposits.
After that, investors began dumping shares of peer banks - First Republic, Signature Bank and Western Alliance.
"Financial contagion appears to have spread through parts of the banking sector, prompting Treasury Secretary Janet Yellen to publicly reassure investors that the banking system is resilient," the paper writes.