The rapid unraveling of SVB Financial Group has blindsided the banking industry after years of stability.
to lock in funding costs due to expectations of higher rates, resulting in a loss of $1.8 billion. SVB, which did business as Silicon Valley Bank, also had 89% of its $175 billion in deposits uninsured as the end of 2022. The FDIC insures deposits up to $250,000.
"Banks are opaque, so immediately, we all go 'wait a minute, how interconnected is this bank to another one,'" said Mayra Rodríguez Valladares, a financial risk consultant who trains bankers and regulators. "Investors and depositors do not want to be the last ones turning out the lights in the room, so they have to leave."Several experts said any ripple effects in the rest of the banking sector may be limited.
Senator Elizabeth Warren, a prominent bank critic, tweeted that the bank's failure "underscores the need for strong rules to protect the financial system." Another requirement that could garner more attention, industry sources said, was expanding which banks are required to account for the market value of held securities. That requirement currently only applies to banks with over $250 billion in assets, but could grow to include other firms.
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