Concerns after big US bank shuts down

A large US bank has had to shut down, leaving A thousands of businesses worried that they would not be able to get hold of their money. It is the largest US bank failure in 15 years. Silicon Valley Bank (SVB) was set up in California mainly for technology companies to use. Companies put their money in the bank and the bank invested it (lent the money to other companies and to try to make more money). This is quite normal for banks but it means they do not have all their customers’ money available at any one time. Some of SVB’s investments started to lose money. Worried customers rushed to take out their cash all at once but the bank didn’t have enough money to cover all those requests,…

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The Week Junior (UK) (Digital) - 1 Issue, 379

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