UK finance minister, Bank of England working to minimise SVB fallout

Officials from both groups are working closely together, the finance ministry said in a statement, with talks scheduled for later on Saturday to discuss the issues faced by British tech companies affected by the collapse.

"The government recognises that tech sector companies are often not cashflow positive as they grow, and that they rely on cash on deposits to cover their day to day costs," the statement said. Britain's banking system remains strong and resilient, the finance ministry added, saying that the issues affecting Silicon Valley BankLatest Updates

At the end of 2022, SVB had $175.4 billion in deposits.

When I see that headline, I hang onto my wallet that much tighter...

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bank carnage drags stocks lower as SVB Financial shares plungeA brutal day for banks drags down stocks on Thursday. Which banks next
Source: MarketWatch - 🏆 3. / 97 Read more »

Bank stocks crater as SVB's woes send warning sign By Investing.com*BANK STOCKS CRATER AS SVB'S WOES SEND WARNING SIGN ACROSS THE SECTOR - $JPM $C $WFC $BAC $SVBI Yesterday Powell was told by a 👸🏿 to cut rates if you remember he responded with Higher for longer till we take out the trash. This should be main article of day, tomorrow is D day.
Source: Investingcom - 🏆 450. / 53 Read more »

SVB sinks wiping $61B in market value off bank stocksSilicon Valley Bank lost over half its value after investors bailed on the shares following plans for a large capital raise. 😲😲😲😲 Phase 6 Here we go.
Source: FoxBusiness - 🏆 458. / 53 Read more »