The biggest US banking failure since the 2008 financial crisis. Following the failure of Silvergate Financial earlier this week, SVB Financial was taken over today by the FDIC. Making it the second largest US bank failure in history behind Washington Mutual and the first failure since October 2020. After announcing a sale of securities valuing over $20b and a share offering to raise $2b on Thursday to support finances, depositors began requesting large outflows to limit their exposure to the ba…
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