‘The first Twitter-fuelled bank run’: how social media compounded SVB’s collapse

People wait outside the Silicon Valley Bank headquarters in Santa Clara, California, to withdraw funds after the federal government intervened upon the collapse of the bank. Photograph: Brittany Hosea-Small/Reuters

Shares in banks all over the world have plummeted in recent days as fears that the collapse of Silicon Valley Bank (SVB) could precipitate a wider crisis in the sector.

The speed at which market jitters have spread across the world have forced bank executives and regulators to move with unprecedented swiftness: US authorities guaranteed all deposits in SVB – and smaller bank Signature – 48 hours after it collapsed. Just hours after Credit Suisse’s share price plunged on Wednesday, the Swiss central bank stepped in with a $54bn loan.