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US bank failures: Who's to blame and what to expect? | DW News
Posted
March 13, 2023
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March 13, 2023
415,527
3,118
1,213
1.04%
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14:47Now PlayingStock markets in Europe suffered their biggest losses of the year on Monday, as the shock waves from a major bank collapse in the US spread around the globe. On Friday, the Silicon Valley Bank, a regional, obscure bank tanked after it spooked customers with plans to sell its own shares to cover losses.
In the span of 48 hours the fear of contagion forced US banking regulators to shut down another bank, the New York based Signature Bank on Sunday. The speed of social media plus the cryptic impact of crytocurrencies were both factors in the government intervention.
On Monday, trading in some banking shares was temporarily halted on Wall Street. And US President Joe Biden attempted to reassure the public that this is not another financial crisis in the making. So what is it then?
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