James Wickes

Mar 28, 2023 | lexology.com | Jessica Pease |James Wickes |Oliver Knox

In what has been termed "the biggest banking crisis since 2008", both Silicon Valley Bank (SVB) and Signature Bank have collapsed, and Credit Suisse has been rescued. Whether more banks are to follow suit is yet to be seen. What happened? For 40 years, SVB (the 16th largest US bank) acted as ally and the go-to bank for the tech industry (and particularly start-ups). As the go-to bank, SVB offered services to high-risk start-ups until 10 March 2023 when it was closed by Californian regulators.