Silicon Valley Bank collapse: What you need to know

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Reuters UK

(Reuters) – Shockwaves from the collapse of Silicon Valley Bank pounded global bank stocks on Tuesday as assurances from President Joe Biden and other policymakers failed to calm market worries about contagion and prompted a rethink on the interest rate outlook. Biden said his administration’s actions meant Americans could have confidence in their banking system, and also promised stiffer regulation. COLLAPSE *Startup-focused lender SVB Financial Group on March 10 became the largest bank to fail since the 2008 financial crisis, in a collapse that roiled global markets. *Banking regulators said…

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