Silicon Valley Bank crisis updates: Regulators arrive at lender's California offices, staff told to work from home
Silicon Valley Bank crisis: Watchdogs from the Federal Deposit Insurance Corp. and Federal Reserve are looking into the impact of significant withdrawals, said a report on Friday
- Mar 10, 2023,
- Updated Mar 10, 2023 10:19 PM IST
The woes of Silicon Valley Bank intensified on Friday as US regulators arrived at the California offices of the start-up focused lender, said a report.
Watchdogs from the Federal Deposit Insurance Corp. and Federal Reserve are looking into the impact of significant withdrawals, reported Bloomberg.
SVB Financial Group is exploring options, including a sale, after its efforts to raise capital through a stock sale failed, reported Reuters as a crisis at the tech-heavy lender rippled through global markets and hit banking stocks.
Shares of SVB were halted on Friday after tumbling as much as 66% in premarket trading.
SVB Financial Group told its employees in a memo on Friday that they should work from home until further notice.
"SVB is undergoing a series of conversations that have not been concluded yet to determine next steps for the company," the bank said in a memo seen by Reuters.
Essential and branch employees are excluded from the request to work from home, the memo added.
ALSO READ: Silicon Valley Bank stock crash- Decoding the lender's crisis and its India investments
The woes of Silicon Valley Bank intensified on Friday as US regulators arrived at the California offices of the start-up focused lender, said a report.
Watchdogs from the Federal Deposit Insurance Corp. and Federal Reserve are looking into the impact of significant withdrawals, reported Bloomberg.
SVB Financial Group is exploring options, including a sale, after its efforts to raise capital through a stock sale failed, reported Reuters as a crisis at the tech-heavy lender rippled through global markets and hit banking stocks.
Shares of SVB were halted on Friday after tumbling as much as 66% in premarket trading.
SVB Financial Group told its employees in a memo on Friday that they should work from home until further notice.
"SVB is undergoing a series of conversations that have not been concluded yet to determine next steps for the company," the bank said in a memo seen by Reuters.
Essential and branch employees are excluded from the request to work from home, the memo added.
ALSO READ: Silicon Valley Bank stock crash- Decoding the lender's crisis and its India investments