While there’s 'widespread panic' around the swift fall of Silicon Valley Bank, it’s unclear whether other U.S. regional banks are in the same situation, according to a former chairman of the U.S. Securities and Exchange Commission’s Advisory…
While there’s"widespread panic" around the swift fall of Silicon Valley Bank , it’s unclear whether other U.S. regional banks are in the same situation, according to a former chairman of the U.S. Securities and Exchange Commission’s Advisory Committee on Financial Reporting.
“I mean there is widespread panic but it's unclear to me whether these other regional banks are really in the same situation as SVB,” Pozen said in an interview with BNN Bloomberg on Monday. This comes after SVB had an unsuccessful attempt to raise capital and the bank faced a mass cash exodus from technology start-ups. As of last year, the company was valued at more than US$40 billion and it had quadrupled in size over the past five years.
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