The failure of one of the tech industry’s central institutions could leave countless companies unable to pay their employees in the coming weeks.but there were still hiccups.
Watson said the sudden collapse of Silicon Valley Bank, which serviced more than half of all venture-backed tech startups in the country, had left founders “rethinking how we approach banking.” A First Republic branch in Studio City was filled Monday with customers. One said he had arrived at 9:30 a.m. to withdraw $340,000 and wire it to Bank of America.
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