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Silicon Valley Bank scrambles to reassure clients after 60{9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5} stock wipe-out
Deposits drop faster than forecast -SVB Capital raise, PE injection, asset restructure to help Stock tumbles 60{9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5}, drives other banks sharply lower March 9 (Reuters) – SVB Financial Group (SIVB.O) scrambled on Thursday to reassure its venture capital clients their money was safe after a capital raise led to its stock collapsing 60{9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5} and contributed to wiping out over $80 billion in value from bank shares. SVB, which does business as Silicon Valley Bank, launched a $1.75 billion share sale on Wednesday to shore up its balance sheet. It said in an investor prospectus it needed the proceeds to plug a $1.8 billion hole caused by the sale of a…

