U.S. FDIC shifts SVB deposits to new bridge bank, names CEO
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Silicon Valley to feel SVB impact for years to come, claims Wedbush
March 13, 2023 7:59 AM EDTAs markets continue to react to the significant effect of the SVB Financial Group (NASDAQ: SIVB) situation on Monday morning, Wedbush analyst Daniel Ives believes the ripple impacts will be felt in Silicon Valley for years to come.
Last week, SVB announced it had sold some securities at a loss and said it would sell $2.25 billion in new shares to shore up its balance sheet. This triggered a panic, and California regulators closed down the tech lender, putting it under the control of the US Federal Deposit Insurance... More
