Biggest U.S. bank failure since 2008

World Today


Thousands of technology companies are facing financial uncertainty after the failure of America’s 16th largest bank.

The U.S. federal government on Friday assumed control of Silicon Valley Bank (SVB) and its billions of dollars in customer deposits, temporarily shutting all branches and freezing withdrawals.

SVB’s collapse marks the largest failure of a U.S. financial institution since the height of the global financial crisis 15 years ago.