SVB was the largest U.S. bank failure since 2008, and various alleged catalysts have been pointed to during the past 24 hours.
was the largest banking failure since Washington Mutual in 2008, which was blamed on expanding branches too quickly and holding massive amounts of subprime mortgages lent to so-called unqualified buyers.
Before its collapse, Wamu held $188.3 billion in deposits, while SVB is estimated to have lost around $175.4 billion in deposits. However, while SVB’s deposits at the end of December 2022 were $175.4 billion, customers attempted to on Thursday alone. It’s safe to say that SVB’s demise was a lot faster than Wamu’s collapse at the end of 2008.to strengthen its balance sheet by announcing the need to raise $2.25 billion. The bank also sold its available-for-sale bond portfolio for $21 billion, resulting in a $1.8 billion loss from the sale. SVB is well-known for banking tech startups and venture capital money, and some market observers believe that these clients caused a bank run.
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