Silicon Valley Bank's Manhattan branch calls COPS on investors trying to pull their cash out as Boston tech CEO with $10M in bank describes 'worst 18 hours of my life': Lender is SEIZED by regulators in largest US bank failure since Great Recession
- Police were called after 'about a dozen' financiers, including former Lyft executive Dor Levi, showed up outside the building on Park Avenue Friday
- SVB blocked them from entering and two cop cars arrived to secure the building
- There was a run on the bank today as depositors - many of them tech workers - began pulling funds following a surprise announcement of a $1.8 billion loss
Exactly. That ripple effect yet to hit. look at rokuthat was a business to business bank and a lot of companies kept millions in there so to later only get $250K is gonna hurt badly.
it was the 15th largest bank and JPM has billions in unrealized losses as well.Why would they keep that much money and/or money they can't afford to lose in a bank that isn't Too-Big-To-Fail (eg BofA, JPM, etc)? Doesn't make sense.