Financial turmoil across the ocean. The 16th largest American bank SVB went bankrupt.
United States regulators shut down the financial institution and took control of its customers’ deposits.
It comes after the bank, which is a key technology lender, made an unsuccessful attempt to raise capital to cover the loss from the asset sale.
US Treasury Secretary Janet Yellen said the banking system remains resilient and regulators have effective tools to deal with such events.
It is the biggest bank failure since the collapse of Washington Mutual at the height of the 2008 financial crisis.
