SVB shutdown sends shockwaves through Silicon Valley as CEOs race to make payroll

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Reuters UK

By Greg Bensinger, Anna Tong, Krystal Hu and Jeffrey Dastin (Reuters) – The sudden collapse of Silicon Valley Bank on Friday sent shockwaves through the startup community, which has come to view the lender as a source of reliable capital and deposit partner, particularly for some of tech’s biggest moonshots. On Friday, tech CEOs scrambled to make payroll after SVB Financial Group was shuttered by California banking regulators in a bid to protect depositors following a dive in the value of its investment holdings and a rush of withdrawal requests starting just two days ago. The bank was seeking…

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