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Banking And Insurance








 Is the 2008 crisis repeated in the financial sector?




In the United States, Silicon Valley Bank (SVB) after Signature Bank announced the bankruptcy of the New York-based bank, and this situation was the biggest bankruptcy of 15 years in the banking sector.
In a statement about the bankruptcy of the two banks, the losses that will protect the rights of deposit holders will not be covered by any taxpayers said. This bankruptcy situation raised the question of whether the 2008 crisis would be repeated.
SVB went bankrupt with its customers withdrawing billions of dollars in a very short time on Friday and the bankruptcy was the largest bank bankruptcy from the bankruptcy of the Washington Mutual Bank in the United States after the global financial crisis in 2008.
This bankruptcy situation adversely affected the stock market in the United States and Europe, causing a decrease in banking shares on a world scale.
SVB was founded in 1983 and gave loans to Start-ups, specializing in technology industry banking. In addition, the bank, which ranked 16th among the major US banks, helped the process of the public offering of the start-ups.
The bank, most of its operations in the United States and has grown rapidly in the last 10 years, had total deposits of $ 175.4 billion, approximately $ 209 billion in total assets, and more than 8500 employees as of December 2022.
  New York-based Signature Bank was also appointed as a trustee. Critical explanations made by the United States about bankruptcy.

Source: https://www.cumhuriyet.com.tr/ekonomi/silikon-vadisi-bankasi-ve-signature-bank-iflasi-etti-2008-krizi-tekrarlanir-mi-2060527