Panicked customers in the Flatiron District scrambled on Friday morning. CeFaan Kim has the details.
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LEARN MORE ABOUT: Bank Failures
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On Wednesday, the New York City Police Department (NYPD) was called to the New York City branch of Silicon Valley Bank (SVB) due to what is being called the “largest bank failure” since the 2008 financial crisis.
According to reports, the bank experienced technical difficulties that led to customers being unable to access their accounts. This apparently caused a panic among depositors who feared that their money was at risk, leading to a rush to withdraw funds.
The situation quickly escalated, and the NYPD was called to the scene to monitor the situation and ensure that customers remained calm. In a statement, the department confirmed that no injuries or incidents were reported and that the situation was resolved peacefully.
This incident highlights the potential vulnerability of modern banking systems and the potential impact of technical failures. In recent years, the banking sector has increasingly relied on digital technologies and online platforms to manage transactions and account access. While these innovations have brought many benefits, they also carry risks, especially in the face of cyber attacks and other forms of digital disruption.
SVB is a California-based bank that specializes in providing financial services to technology and innovation-focused companies. The bank has a significant presence in New York City, where it serves a large number of tech startups and venture capital firms.
The incident serves as a reminder that even the most well-resourced and technology-driven businesses are not immune to unexpected failures and challenges. In the face of such events, it is vital for firms to have robust contingency plans in place to deal with crises and emergencies. This includes working with law enforcement agencies and other stakeholders to ensure that the safety and security of employees and customers are maintained.
Fortunately, in this case, the NYPD was able to resolve the situation with no harm done. However, the incident serves as a warning that the modern banking landscape requires constant vigilance and careful attention to risk management and contingency planning. As the financial sector continues to evolve, firms must remain alert to changing threats and challenges and take steps to mitigate their impact.
It's a crazy situation. I also just made a video about it explaining what's going on. Cheers everyone!
NYPD demonstrating that the one and only job of the police is to enforce order for the ownership class.
Fake news
And why we can’t default on our national debt.
Wells
…But, SVB was no longer required to submit to stress-testing, as President Trump had rolled back many Dodd-Frank provisions, and Biden hasn't restored those provisions.
Two banks fail in four days and the gov't says it's not an economy wide problem? Really?
Not an economic wide problem? Just remember how they lied about "TRANSITORY"….
Things happen we don't want no other countries coming to bail us out
How much of a role was played by the Trump administration's lifting of some regulations that had been instituted after "the bail out of the banks" during the Obama administration that were supposed to prevent such collapse of big banks?
Congress better not bail these banks out.
It's to start the central bank digital currency which would give government complete control of your life.
I already took all of my money out months ago
food for thought out of all money in banks only 3 percent are under 250 grand poof 97 percent gone
thanks joe dont beleive me cause i cant stop laughing bring out joes humos
Republicans blame Jerome Powell but not the bank
This is good news. No one needs more tech but people on the field for hard labor.
A victim of climate change, caused by believing it.
SVB is the most Diverse and Inclusive Bank, thus SVB is falling.
Blame FINRA for the counterfeit shares they had created it. FINRAFRAUD
Good Riddence! Hope more zombie banks go under!
1:03 Jadakiss
Biden just said he created the strongest economy every !! He also bribed the gullible to vote so he can cancel their loan debt too how’s that working out ??? Criminals at the top. Thank the dems !
Banks to America, we don't need regulations, trust us to do what's right.
Big Trouble in Con-Man Valley. Big losses in Scooter ride shares, Nail salons, Strip malls and massage parlors. Asian real estate tour buses brought to a screeching halt. Fake it till you make it.
Get ready for 'BAIL-INS!'
Will the FDIC get the few items SVB has in NY Unclaimed property's website and the $200,000+ SVB funds in California's Unclaimed Property fund? These monies need to be controlled, not unreported, unaudited, and untracked. Customers and shareholders deserve transparency and excellence in accounting by the large banks. Chase has more than SVB in the California unclaimed property fund!