US, European banks hit by SVB squall
10 Mar 2023
The Silicon Valley Bank (SVB) ran into trouble when the SVB, funded by venture capitalists, lost $1.8 billion while trying to sell package bonds to meet cash demands from depositors. To make up for the loss incurred in selling the bonds, the bank was to sell $1.8 billion of its stock, and this set off the panic. The SVB lost 60 per cent of its