On Sunday, regulators took control of another financial firm, Signature Bank, which is used by many Broadway productions.
, the U.S. bank known for lending to technology companies, despite regulators’ moves to contain the crisis and avoid a domino effect with various measures.
U.S. markets also opened the week lower, driven by a drop in banking stocks, but they recovered and were roughly unchanged as of 10 a.m. ET after U.S. President Joe Biden tried to reassure investors, saying: “No losses will be borne by the taxpayers.” The ripple effects of the SVB collapse will also impact the U.S. entertainment industry. Hollywood payroll services firm Wrapbook, which told its production company customers on March 10 that payroll processing would be delayed, gave an update to clients on Sunday saying it will be processing outstanding worker payments on Monday via direct deposit and expects to be “fully operational” by Wednesday.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank regulators seize Silicon Valley Bank in largest bank failure since the Great RecessionThe bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.
Read more »
How Silicon Valley Turned on Silicon Valley BankThe fallout from Silicon Valley Bank threatens to engulf Silicon Valley—and has put the rest of the banking system on edge
Read more »
Silicon Valley Bank touts Forbes 'best bank' nod days before becoming largest failure since Great RecessionDays before Silicon Valley Bank collapsed, the bank praised itself for being named onForbes magazine's annual ranking of 'America's Best Banks' for five years in a row.
Read more »
Silicon Valley Bank Collapse live updates: Biden addresses bank's failureSilicon Valley Bank collapse live updates: • U.S. moves to protect all deposits at Silicon Valley Bank in bid to stem wider fallout • President Biden says 'the banking system is safe' • Biden says no taxpayer money will be used to cover losses
Read more »
Silicon Valley Bank failure could wipe out 'a whole generation of startups'The implosion of Silicon Valley Bank could force hundreds of tech startups to lay off workers or shut down completely. It remains unclear how much, if any, of depositors' money will be returned.
Read more »