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Credit Suisse and the shares of European and American banks were sold off, causing the panic triggered by the collapse of Silicon Valley banks to continue to spread.
SVB Financial Group ("the Company") (NASDAQ: SIVB) today announced that it has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York to preserve value.
Here’s a simple explanation to the differences between the collapse of SVB and the 2008 Financial Crisis. The biggest risk for SVB lies in its high concentration in the technology industry.
J.P. Morgan and PNC are among the potential suitors in talks about acquiring SVB Financial Group in a deal that would exclude the commercial bank currently under U.S. government control, according to sources familiar with the matter.