Why SVB still matters – and what banks must do now to avoid the next crisis [Yahoo! Finance]
Signature Bank (SBNY)
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Source: Yahoo! Finance
Some bank failures resemble a slow-motion car crash. Not SVB. It collapsed in March 2023 in a little over 48 hours. And the reasons for the failure? It was really a classic case of a bank run but with a twist. It was however some bank run-around $42bn or thereby. And the modern twist took the form of client panic, fuelled by social media, following release of the bank reporting a loss of $1.8bn on 8 March 2023. On the next day, the bank's share price collapsed by 60%. Depositors, while relatively few in number, were vocal and in many cases high profile, since many clients were venture capital firms and tech startups. They were also depositors for whom the FDIC's protection fund guarantee of deposits up to $250,000 offered inadequate comfort. By 10 March, the FDIC placed SVB in receivership. Stas Melnikov, head of quantitative research and risk Data Solutions at SAS speaks with RBI editor Douglas Blakey A big week for banking news got bigger just two days later, when state o
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