A major bank failed. Here’s why it’s not 2008 again

KIFI

Published March 10, 2023 3:05 PM

By KEN SWEET
AP Business Writer

NEW YORK (AP) — The financial institution best known for its relationships with high-flying world technology startups and venture capital, Silicon Valley Bank, experienced one of the oldest problems in banking — a bank run — which led to its failure on Friday. How did this happen? Here’s what to know about why the bank failed, who was affected most, and what to know about how it may, and may not affect, the wider banking system in the U.S.

Article Topic Follows: AP National Business

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