Silicon Valley Bank In A Spot Of Bother

The U.S. regulators have stepped in to shut down the operation of Silicon Valley Bank.

The regulators sought to take control of the bank to protect customer deposits and prevent a collapse in the financial system, as happened in 2008 when the banking sector experienced its largest banking failure.

The moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates.

Its troubles prompted customers to rush to withdraw deposits and sparked fears about the wider banking sector.

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Edited by Jesus Chan

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