The United States might fall into recession again.
First the Silicon Valley bank crashed in the west and then it was Signature bank in the east. These crashes caused the global banking system to go into crisis. The crisis also affected the global financial market especially in Europe.
Then the share price of global investment bank Credit Suisse tumbled, which created a panic in the bond market. The 167-year-old bank has lost the confidence of its customers and is in turmoil as a result.
Now experts fear that the country will go into recession once again. United States investors who remember the global financial crisis panicked with the news of trouble in Silicon Valley Bank. The bank crashed and a few days later it was Signature bank that failed.
When news of problems with SVB spread, some tech founders including former Lyft executive Dor Levi went to withdraw their money. SVB was famous with tech startups and many of such companies had invested in the bank.
Levi says when he showed up at the Manhattan branch of the bank, employees called the police. SVB based in Santa Clara with 200 Billion USD in assets was the 16th largest bank in the United States. It was the biggest bank failure since the global financial crisis of 2008.
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