By: Economic & Finance Report
The Silicon Valley Bank fallout is one of the many threatening ripple effects; that will succumb in the tech sector and financial industry this year. A bank shutting down indefinitely by financial regulators; has not been seen in the United States since the 2008 global subprime mortgage crises, which brought down the banking system and everything that associated with it.
The SVB shut down will affect the finances and investments of many smaller venture startups and general businesses, that had deposits and investment accounts held at the institution. The technology sector is already reeling from the effects of the massive layoffs from big tech giants (Meta: META; Twitter; Google: GOOGL, Amazon: AMZN, Zoom: ZM, Yahoo).
This surely will produce shockwaves globally. -SB
Image Credit: Reuters