The California bank grew to become the 16th largest in the US, catering for the financial needs of technology companies around the world, before a series of ill-fated investment decisions led to its collapse.
What happened to SVB?
As the preferred bank for the tech sector, SVB's services were in hot demand in the pandemic years. The initial market shock of Covid-19 in early 2020 gave way to a golden period for startups and established tech companies, as consumers spent big on gadgets and digital services.
Many tech companies used SVB to hold the cash they used for payroll and other business expenses, leading to an influx of deposits. The bank invested a large portion of the deposits, but the seeds of its demise were sown when it invested heavily in long-dated US government bonds.
This story is from the March 17, 2023 edition of The Guardian Weekly.
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This story is from the March 17, 2023 edition of The Guardian Weekly.
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