The collapse of Silicon Valley Bank in northern California and Signature Bank in New York are the largest bank busts since 2008.
Regional and mid-sized bank stocks have tanked and depositors and businesses are worried about who might be next. U.S. President Joe Biden’s administration and the Federal Reserve have duly stepped in to prevent more panic-driven bank runs and to shore up the broader financial system where needed.
For legislators, regulators, bank boards and CEOs everywhere, these sudden bank failures are a stark reminder that the work of ensuring a firm’s stability and soundness never ceases. In the case of SVB and Signature Bank, there is plenty of blame to go around.
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