On March 10, the 16th largest bank in the U.S., Silicon Valley Bank, collapsed and was shut down by regulators. On March 12, Signature Bank followed suit.
The emergency measures caused a plunge in bank stocks around the world. What is happening to the U.S. banking system?
The collapse made it the second-biggest bank failure in U.S. history. Hours before getting shutdown, SVB gave out bonuses to employees.
NY-based Signature Bank, with $110 billion in assets, collapsed two days later. Signature Bank became the third-largest bank failure in the country’s history.