Silicon Valley Bank collapse was 'Lehman moment for technology,' top Goldman Sachs dealmaker says

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Silicon Valley Bank collapse was 'Lehman moment for technology,' top Goldman Sachs dealmaker says
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The collapse of Silicon Valley Bank was 'a little bit like the Lehman moment for technology,' a top Goldman Sachs dealmaker told CNBC.

The collapse of Silicon Valley Bank was "a little bit like the Lehman moment for technology," Cliff Marriott, co-head of tech, media and telecoms in Europe for Goldman Sach's investment banking division, told CNBC Tuesday.

An employee gets into his car after arriving to work to a shuttered Silicon Valley Bank headquarters on March 10, 2023 in Santa Clara, California.

SVB was taken over by the U.S. government after its clientele of venture capitalists and tech startups withdrew billions from their accounts. Many VCs had advised portfolio companies to pull funds on the back of fears that the lender may crumble. The future of SVB remains uncertain, even though deposits were ultimately backstopped by the government and SVB's government-appointed CEO attempted to reassure clients that the bank remained open for business.

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