Biggest bank failure since global financial crisis as US regulators shut down SVB

US regulators have shut down the country’s 16th largest bank, in the biggest collapse of a financial institution since the 2008 financial crisis.

Silicon Valley Bank failed after depositors – mostly technology workers and venture capital-backed companies – began withdrawing their money, creating a run on the bank.

The US Federal Deposit Insurance Corporation (FDIC) has seized its assets.

It said
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