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Silicon Valley Bank Shut Down: Biggest Banking Failures Since 2008
US regulators shuttered #Silicon Valley Bank (SVB) on Friday and took control of its deposits, in what amounts to the biggest retail banking failure since the global financial crisis. The move follows a dramatic 48 hours that saw the high-tech lender's share price plummet amid a run on deposits by concerned customers. Its assets at the time were worth $639 billion. Below are some of the biggest retail banking failures, ranked by the value of their assets when they collapsed: HBOS (United Kingdom), on 09/17/2008 (Around $811 billion) Washington Mutual (United States), on 09/25/2008 ($307 billion) Silicon Valley Bank (United States), on 03/10/2023 ($209 billion) Sachsen LB (Germany), on 08/26/2007 (Around $92 billion) Bradford & Bingley (United Kingdom), on 09/29/2008 (Around $63 billion) IndyMac (United States), on 07/11/2008 ($32 billion) In addition, the global financial crisis also saw the failure of a number of corporate and investment banks, marked by the dramatic bankruptcy of Lehman Brothers on September 15, 2008. Source - NDTV
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