Global jitters after SVB collapse
Santa Clara , California
The entrance of Silicon Valley Bank ’ s headquarters in Santa Clara , California . The bank ’ s collapse , which unfolded over the course of just 48 hours , has sent shockwaves through the international banking community and briefly left account holders in a state of limbo . The favourite of tech startups faced a ‘ hole ’ in its finances , after rising interest rates impacted its investments in US government bonds and left it unable to honour customer withdrawals . New York ’ s Signature Bank has also collapsed , while Credit Suisse was left scrambling to secure funding before being rescued by rival UBS .
fintechmagazine . com 15