Silicon Valley Bank: Authorities assume control as fears of failure grow

 

Several of the company’s clients are in that predicament, which has many businesses with money in the bank scared about the future.

“I’m currently en route to the branch to locate my money. Yesterday’s attempt to transfer it out was unsuccessful. You know those moments where you might be really screwed but you’re not sure? This is one of those moments,” one start-up founder told the BBC.

A worker (C) tells people that the Silicon Valley Bank (SVB) headquarters is closed on March 10, 2023 in Santa Clara, California.

A second creator of a new healthcare company stated: “We recently reached a million dollars in our bank account just three days ago… After that, this occurs.”

He managed to get the money wired to a different account 40 minutes before the deadline. “It was pending. And then this morning, it was there. But I know other people who did the same thing minutes after me, and it’s not transferred.”

“It was a crazy situation,” he said.

 

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