Silicon Valley Bank collapse shakes confidence in U.S. banking, says expert

STORY: Silicon Valley Bank collapse shakes confidence in U.S. banking, says expert DATELINE: March 21, 2023 LENGTH: 00:04:16 LOCATION: London CATEGORY: ECONOMY SHOTLIST: 1. SOUNDBITE (English): CHARLES READ, Scholar in economics and history at the University of Cambridge STORYLINE: The collapse of Silicon Valley Bank (SVB), once the 16th largest bank in the United States, has "shaken confidence in U.S. banking" as concerns have mounted over bank deposits, an expert has said. The tech-heavy SVB's demise has "made people far more likely to worry about their bank deposits, and any rumors will be acted upon ... faster. I think that's a big risk," Charles Read, a scholar in economics and history at the University of Cambridge told Xinhua on Tuesday. Read said that since the 2008 global financial crisis, people were no longer as trusting of the banking sector, and bank runs would therefore happen more rapidly. Technology has also made it easier to take money out of banks online, and people will do this

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• ILEA001253508

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• 2023/3/21 00:00:00

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• Xinhua / Kyodo News Images

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