Finance Sector Braces for Shockwaves After Silicon Valley Bank Collapse

Nearly 86 percent of the bank's customer deposits were believed to be uninsured

A customer stands outside of a shuttered Silicon Valley Bank (SVB) headquarters in Santa Clara, Calif., on March 10, 2023. Justin Sullivan/Getty Images

It took only 48 hours for Silicon Valley Bank to become the nation’s second-largest bank failure.

The company’s problems started on March 8, when the financial institution informed investors that it needed to generate $2.25 billion to cover an unexpected decline in deposits and improve its balance sheet and overall financial position.