What the failure of Silicon Valley Bank means for the tech industry | DW News

Thu, 16 Mar 2023 20:13:04 +0000

US Treasury Secretary Janet Yellen has said the government is not looking at bailing out Silicon Valley Bank, the sixteenth largest in the country, after it was shut down by US regulators on Friday.
Authorities said they were worried about the banks liquidity after it lost money while selling assets. The concerns prompted the bank's depositers, mainly tech companies, to rush to withdraw funds sparking fears over the wider banking sector.
British finance minister Jeremy Hunt said the bank's failure poses a serious risk for the technology and life science sectors in the UK.

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