Former US bank bosses call collapse ''unprecedented'
Business reporter, New York
In his prepared remarks, he blames the bank's downfall on social media rumours and mixed messages about borrowing costs from the US central bank. The comments mark Mr Becker's first public statements since SVB was taken over by regulators in March, after its announcement that it needed to raise money prompted customers worried about the safety of their funds to withdraw tens of billions of dollars in hours.Image source,Share prices in many other lenders plunged and billions of dollars were transferred out of firms seen as potentially risky.
He says customers panicked at SVB's announcement in March that it needed to raise money because they unfairly compared its situation to Silvergate Capital, a cryptocurrency lender, which said on the same day that it was shutting down.
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