Rolling coverage of the latest economic and financial news
Silicon Valley Bank: parent company, CEO and CFO sued amid market turmoilSilicon Valley Bank: global banking shares slide as fallout spreads
SVB Financial Group and two top executives have been sued by shareholders over the collapse of Silicon Valley Bank, as global stocks continued to suffer on Tuesday despite assurances from US president Joe Biden.
The bank’s shareholders accuse SVB Financial Group chief executive Greg Becker and chief financial officer Daniel Beck of concealing how rising interest rates would leave its Silicon Valley Bank unit “particularly susceptible” to a bank run.
The collapse of Silicon Valley Bank on Friday has brought on the highest volatile market conditions of 2023 so far.
Americans can rest assured that our banking system is safe.
Your deposits are safe.
