Facebook owner Meta announced a fresh wave of job cuts on Tuesday, part of what CEO Mark Zuckerberg called the company's "year of efficiency" as the US tech sector continues to downsize.

The collapse of American banks has triggered drastic movement in bank shares as investors fear contagion in financial institutions despite assurances from Biden.

A former US Treasury official warns that the American banking system is not safe and the collapse of the five largest US banks can incur losses twice as much as the world's GDP.

"No losses will be borne by the taxpayers," the US president has said.

US regulators close down New York-based Signature Bank, a big lender in the country's crypto industry, in a desperate attempt to backstop the banking crisis and quell concerns among customers about the safety of their deposits.

US Treasury Secretary Janet Yellen on Sunday said the government wanted to avoid financial "contagion" from the implosion of the Silicon Valley Bank but ruled out a bailout of the institution.

The collapse of the Silicon Valley Bank (SVB) leaves startups re-questioning their future as the crash sends jolts across the global financial markets.