Why is everyone talking about SVB? Here’s everything we know about the bank right now

The startup world was thrown into chaos Thursday when a lender little-known outside of Silicon Valley sparked a wave of panic in tech circles that dragged down banking shares around the world.

Events snowballed after Silicon Valley Bank announced a share sale to shore up its finances, following a significant loss on its portfolio. After that, things went rapidly downhill. So what does SVB bank do and why has it sparked panic? Here’s everything we know right now — and what could happen next:Santa Clara-based SVB’s ordeal began after its parent company, SVB Financial Group, announced that it sold $21 billion of securities from its portfolio and said it was holding a $2.

All of that spooked a number of prominent venture capitalists, including Peter Thiel’s Founders Fund, Coatue Management and Union Square Ventures, who, according to sources, instructed portfolio businesses to limit exposure and pull their cash from the bank. Other VC firms have asked portfolio companies to at least shift some of their cash away from the bank, while a number have indicated they will stand by SVB.SVB’s stock plunged 60% Thursday and its bonds posted record declines.

Major US banks including Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co. all slid at least 5%, while shares of Asian banks later followed their Wall Street peers lower.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks making the biggest premarket moves: Silvergate, Etsy, SVB Financial, Uber and moreStocks making the biggest premarket moves: Silvergate, Etsy, SVB Financial, Uber & more How's that ESG working out?
Source: CNBC - 🏆 12. / 72 Read more »

Bank carnage drags stocks lower as SVB Financial shares plungeA brutal day for banks drags down stocks on Thursday. Which banks next
Source: MarketWatch - 🏆 3. / 97 Read more »

Stocks making the biggest moves after hours: SVB Financial, Oracle, Gap and moreThese are the stocks posting the largest moves in postmarket trading. Bond/treasury note loss is a common situation now due to our governments, like TLT...However, rapidly pulling out money from the stock market or banks can be a serious situation for the stock market like in 2008. All banks are under FDIC...No need to panic...
Source: CNBC - 🏆 12. / 72 Read more »

Bank stocks crater as SVB's woes send warning sign By Investing.com*BANK STOCKS CRATER AS SVB'S WOES SEND WARNING SIGN ACROSS THE SECTOR - $JPM $C $WFC $BAC $SVBI Yesterday Powell was told by a 👸🏿 to cut rates if you remember he responded with Higher for longer till we take out the trash. This should be main article of day, tomorrow is D day.
Source: Investingcom - 🏆 450. / 53 Read more »