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The tech fallout from Silicon Valley Bank collapse | The Business | ABC News
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The SVB collapse didn't just leave the banking sector in disarray; technology startups in Australia are bracing for tighter access to credit, and there are fears more banks could fall and that the global economy is at risk of recession.
Silicon Valley Bank was the 16th-largest in America, making it the biggest bank failure since the global financial crisis of 2008.
Its collapse has sent the banking industry into a crisis. Signature Bank in New York also went under. And on Monday European bank Credit Suisse was rescued by its Swiss rival UBS in a government-backed deal.
ABC News provides around the clock coverage of news events as they break in Australia and abroad, including the latest coronavirus pandemic updates. It's news when you want it, from Australia's most trusted news organisation.
Note: In most cases, our captions are auto-generated.
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Silicon Valley Bank was the 16th-largest in America, making it the biggest bank failure since the global financial crisis of 2008.
Its collapse has sent the banking industry into a crisis. Signature Bank in New York also went under. And on Monday European bank Credit Suisse was rescued by its Swiss rival UBS in a government-backed deal.
ABC News provides around the clock coverage of news events as they break in Australia and abroad, including the latest coronavirus pandemic updates. It's news when you want it, from Australia's most trusted news organisation.
Note: In most cases, our captions are auto-generated.
#ABCNews #ABCNewsAustralia
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