Financial TimesFinancial Times

Silicon Valley Bank: the multiple warnings that were missed

By Tabby Kinder, Joshua Franklin, Mark Vandevelde, Colby Smith and Antoine Gara

24 Apr 2023 · 10 min read

Editor's Note

The collapse of Silicon Valley Bank left many wondering how why its management failed to take heed of the warning signs. In its deep dive, The FT shows how this was a crisis hiding in plain sight.

To those caught in its path, the cycle of rumour and panic that destroyed Silicon Valley Bank struck as violently as a tornado.

“The speed of the world has changed,” said Sam Altman, the technology executive behind the artificial intelligence phenomenon ChatGPT, shortly after a historic bank run in which customers tried to withdraw at least one-quarter of their deposits in just over 24 hours. “People talk fast,” he added. “People move money fast.”

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