Bank Failure Causes Global Issues

March 12, 2023 8:14 am

NEW YORK (AP) — It was called Silicon Valley Bank, but its collapse is causing shockwaves around the world. From California to to the other side of the Atlantic Ocean, companies and people are scrambling to figure out how to manage their finances after their bank suddenly shut down Friday. In California, the bank was a longtime lender to the wine industry, which worries about its absence. Entrepreneurs in London were in a panic as the bank’s UK business shuts down. And CEOs of startups worldwide worried about making payroll and whether they’ll have to furlough workers as a result of the bank’s failure.