What Happened?
Silicon Valley Bank (SVB), one of the 20 largest banks in the U.S. in terms of assets, has collapsed. It was the second largest bank failure in U.S. history and had international operations that were also impacted. As well, another (slightly) smaller bank, Signature Bank folded in similar fashion. In the case of both banks, authorities have taken over these troubled financial institutions, with the intention to create the best outcome for bank depositors, including the sale of the U.K. branch to HSBC for £1.

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