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Goldman Sachs, which had helped SVB with a proposed capital raise in March 2023 and ultimately purchased SVB’s securities portfolio, has also been subpoenaed, according to bankruptcy filings.
On March 10, 2023, Silicon Valley Bank (SVB) failed after a bank run, marking the third-largest bank failure in United States history and the largest since the 2007–2008 financial crisis. [1] [2] It was one of three bank failures, along with Silvergate Bank and Signature Bank, in March 2023 in the United States.
The failure of SVB was the largest of any bank since the 2007–2008 financial crisis by assets, and the second-largest in U.S. history behind that of Washington Mutual. [97] SVB's Chinese joint venture, whose chairman is the chairman of Shanghai Pudong Development Bank, said their operations were "sound" as of March 11, 2023. [46]
SVB Financial Group (SVB or SVBFG) is a financial services holding company headquartered in New York City. [2] The company's main business unit was the commercial bank Silicon Valley Bank , until the bank failed in March 2023 after a bank run .
SVB Financial, the parent of failed Silicon Valley Bank, filed for Chapter 11 bankruptcy one week after regulators seized control of the company's Santa Clara-based lender.
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Following the collapse of Silicon Valley Bank in March 2023, the management of SVB Securities planned to buy back their firm from the parent group. [18] On March 17, 2023, SVB Securities' parent company filed for Chapter 11 bankruptcy, but SVB Securities itself was not included in the Chapter 11 filing. [19]