The Silicon Valley Bank is considered an important financier for start-ups in the early stages.
(Photo: AP)
Denver The crisis surrounding a prominent start-up financier from Silicon Valley is shaking confidence in the banking sector. The trigger for the turbulence was the surprising capital requirements of the Silicon Valley Bank (SVB). The share came under severe pressure and experienced its worst trading day. After the stock market closed on Thursday, the price continued to slide – within 24 hours the money house finally lost about 70 percent of its market value.
Other large US banks were also sucked into the SVB crisis and lost more value than they had in three years. The value of the four largest US banks, JP Morgan Chase, Bank of America, Citigroup and Wells Fargo, fell by a total of 52 billion dollars on Thursday.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Further
Read on now
Get access to this and every other article in the
web and in our app.
Further