The Latest Breaking News from SVB

SANTA CLARA (UNITED STATES) - US regulators shut down Silicon Valley Bank on Friday in a spectacular move that sent global banking shares into turmoil, as markets fretted over possible contagion from the biggest banking failure since the 2008 financial crisis.

The spike in interest rates has been devastating for the value of their securities portfolios, meaning many carry around billions in unrealized losses that could pose a problem if funding dries up.

Silicon Valley Bank has been closed by California regulators after tech firms scrambled to withdraw funds from the business.

This is the largest bank failure since Washington Mutual in 2008.

“It doesn’t smell good right now, and there’s a lot of panic,” a venture investor who spoke with dozens of SVB clients told Fortune Thursday.

SVB is 20 times bigger than Silvergate. Its collapse points to a much bigger problem than crypto.

The bank's failure would be the biggest since Washington Mutual.

US regulators seize SVB’s assets after a run on the bank, as global institutions monitor situation closely

Founders are pulling cash from Silicon Valley Bank as fear of a bank run has spread.

Behind the remarkable reversal of fortune for the startup world's bank of choice.

The value of shares in France's major banks sank on Friday after trouble at a regional US lender sparked a Wall Street rout on the sector in the United States. Deutsche Bank shares were down nearly 10 percent at the opening in Frankfurt.