The recent failure of Silicon Valley Bank and the shutdown of Signature Bank of New York has sparked fears of a wider financial meltdown. Both are ranked among the top 30 U.S. banks by assets, but they are far smaller than the country’s biggest financial institutions, which measure their assets in the trillions.
The two banks catered to the tech industry, which has retreated from the enormous growth of the early pandemic era and is now beset with layoffs. Silicon Valley Bank was crucial to venture capital firms. Signature served as a key financial institution for the cryptocurrency industry.
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