{"id":19442,"date":"2023-03-13T12:18:22","date_gmt":"2023-03-13T06:48:22","guid":{"rendered":"https:\/\/www.iquanta.in\/blog\/?p=19442"},"modified":"2023-03-13T12:41:59","modified_gmt":"2023-03-13T07:11:59","slug":"the-svb-financial-group-collapse","status":"publish","type":"post","link":"https:\/\/www.iquanta.in\/blog\/the-svb-financial-group-collapse\/","title":{"rendered":"The Bank Crash that Rocked The Street : SVB Financial Group Collapsed"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.iquanta.in\/blog\/the-svb-financial-group-collapse\/#SVB_Financial_Group_Collapsed\" >SVB Financial Group Collapsed<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.iquanta.in\/blog\/the-svb-financial-group-collapse\/#CAT_2023_Prep_Group_Join_Here\" >CAT 2023 Prep Group. Join Here!<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.iquanta.in\/blog\/the-svb-financial-group-collapse\/#Trouble_in_Paradise\" >Trouble in Paradise?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.iquanta.in\/blog\/the-svb-financial-group-collapse\/#The_sins_just_crept_up_your_back\" >The sins just crept up your back<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.iquanta.in\/blog\/the-svb-financial-group-collapse\/#Why_it_didnt_work\" >Why it didn&#8217;t work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.iquanta.in\/blog\/the-svb-financial-group-collapse\/#Impact_on_Other_Bank_Stocks\" >Impact on Other Bank Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.iquanta.in\/blog\/the-svb-financial-group-collapse\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"SVB_Financial_Group_Collapsed\"><\/span><strong>SVB Financial Group Collapsed<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><strong>SVB Financial Group<\/strong> bought some of the safest assets in the world of finance. How could it possibly have failed\u00a0in two days?<\/p>\n<p>Here are some questions and answers to help\u00a0explain what happened in the bank of the silicon valley \u2013 or \u2018The Valley\u2018 as the people around the world call it.<\/p>\n<p>But before diving headfirst into the problem we need to know what <strong><em>safe assets and conservative investing is \u2013 suppose you buy some stocks of some federal assets \u2013 although the scope of growth on these assets do not produce some outlandish figures \u2013 at the same time \u2013 it ensures a steady flow of revenue and the risk of tanking of those assets, since they are directly aligned with the interest of the government or the federal authority \u2013 they enjoy certain insulations and immunity. Conservative approach is the policy that a company follows to generate revenue with minimal risk factor.<\/em><\/strong><\/p>\n<hr \/>\n<h3 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"CAT_2023_Prep_Group_Join_Here\"><\/span><strong><a href=\"https:\/\/chat.whatsapp.com\/G2CPnodkrxS8r1c8xhCBQI\"><span style=\"color: #ff0000;\">CAT 2023 Prep Group.<\/span> <span style=\"color: #0000ff;\">Join Here!<\/span><\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Trouble_in_Paradise\"><\/span><strong>Trouble in Paradise?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>SVB Financial is the parent company of <strong>Silicon Valley Bank<\/strong>, which counts many\u00a0startups and venture-capital firms\u00a0as clients. During the pandemic, those clients generated a ton of cash that led to a surge in deposits. SVB ended the first quarter of 2020 with just over <strong>$60 billion<\/strong> in total deposits. That skyrocketed to just shy of <strong>$200 billion <\/strong>by the end of the first quarter of 2022. This rapid rise and growth of the company attracted users or consumers in a sudden sharp growth hike mainly within the period of 2021, as the world was slowly recovering from the COVID blow and suffering from war based inflation and supply chain bottlenecks \u2013 as embargoes continued interfering in world economy.<\/p>\n<p>SVB Financial bought tens of billions of dollars of seemingly safe assets, primarily longer-term U.S. Treasuries and government-backed mortgage securities.\u00a0SVB\u2019s securities portfolio\u00a0rose from about $27 billion in the first quarter of 2020 to around $128 billion by the end of 2021.<\/p>\n<p>These securities are at virtually no risk of defaulting. But they pay fixed interest rates for many years. That isn\u2019t necessarily a problem, unless the bank suddenly needs to sell the securities. Because market interest rates have moved so much higher, those securities are suddenly worth less on the open market than they are valued at on the bank\u2019s books. As a result, they could only be sold at a loss.<\/p>\n<p>SVB\u2019s unrealized losses on its securities portfolio at the end of 2022\u2014or the gap between the cost of the investments and their fair value\u2014jumped to more than $17 billion.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_sins_just_crept_up_your_back\"><\/span><strong>The sins just crept up your back<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At the same time, SVB\u2019s deposit inflows turned to outflows as its clients burned cash and stopped getting new funds from public offerings or fundraisings. Attracting new deposits also became far more expensive, with the rates demanded by savers increasing along with the Fed\u2019s hikes. Deposits fell from nearly $200 billion at the end of March 2022 to $173 billion at year-end 2022.<\/p>\n<p>And that is accelerating this year: As of Jan. 19, SVB was forecasting its deposits would decline by a midsingle-digit percentage in 2023. But their expectation as of March 8 was for a low-double-digit percentage decline.<\/p>\n<p>On Wednesday SVB said it had sold a large chunk of its securities, worth $21 billion at the time of sale, at a loss of about $1.8 billion after tax. The bank\u2019s aim was to help it reset its interest earnings at today\u2019s higher yields, and provide it with the balance-sheet flexibility to meet potential outflows and still fund new lending. It also set out to raise about $2.25 billion in capital.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_it_didnt_work\"><\/span><strong>Why it didn&#8217;t work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Following that announcement on Wednesday evening, things seemed to get even worse for the bank. The share-sale announcement led the stock to crater in price, making it harder to raise capital and leading the bank to scuttle its share-sale plans, The Wall Street Journal has reported. And venture-capital firms reportedly began advising their portfolio companies\u00a0to withdraw deposits\u00a0from SVB.<\/p>\n<p>On Thursday, customers tried to withdraw $42 billion of deposits\u2014about a quarter of the bank\u2019s total\u2014according to a filing by California regulators. It just simply ran out of cash and assets to liquidate. Being federal owned assets \u2013 the liquidation is subjected to a lot of legal red tapes \u2013 making it practically impossible to milk the cash cow that they were rearing. In a way \u2013 the safest bet turned into their biggest liability.<\/p>\n<p>Many of the bank\u2019s deposits are sizable enough that they don\u2019t carry Federal Deposit Insurance Corp. protection. SVB said it estimates that at the end of 2022 the amount of deposits in its U.S. offices that exceed the FDIC insurance limit was $151.5 billion.<\/p>\n<p>The FDIC said in a statement on Friday that customers will\u00a0have full access\u00a0to their insured deposits\u00a0no later than Monday morning. The FDIC said it hadn\u2019t yet determined the current amount of uninsured deposits. But it said that uninsured depositors will get an advance dividend within the next week. For the remaining amounts of uninsured funds, those depositors will get something called a \u201creceivership certificate,\u201d and as the FDIC sells off the assets of SVB, they may get future dividend payments.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Impact_on_Other_Bank_Stocks\"><\/span><strong>Impact on Other Bank Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Already rattled by the failure of\u00a0<strong>Silvergate Capital<\/strong>, whose own problems started with crypto but also reflected a portfolio of government debt whose value was depressed by higher rates, investors\u00a0are selling bank stocks\u00a0across the board. Stocks of other midsize lenders such as\u00a0<strong>First Republic Bank<\/strong><strong>\u00a0and Signature Bank<\/strong>\u00a0were halted\u00a0on Friday morning.<\/p>\n<p>The impact of higher rates on banks\u2019 securities isn\u2019t limited to SVB. Across all FDIC banks, there were about $620 billion worth of\u00a0unrealized losses\u00a0in securities portfolios as of the fourth quarter.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One of the big questions coming out of this will be which banks misjudged the match between the cost and lifespan of their deposits and the yield and duration of their assets. This is very different from the questions about bad lending that haunted the 2008 financial crisis.<\/p>\n<p>As money flowed into banks during the pandemic, buying the shortest-term Treasuries or keeping the money in cash would have insulated them from the risk of rising interest rates. But it also would have depressed their income. Banks\u2019 reach for \u201csafe\u201d yield may be what haunts them this time around.<\/p>\n<p><strong><em>With Elon Musk casually tweeting over overtaking the bank at the crosshairs to financial pundits like Elaine McPherson stating it as a huge blow to both the fed and the market that thrives on fed- corporate co operation \u2013 the future of SVB is unclear \u2013 and what it does to salvage its reputation will be closely scrutinized as it seemingly has triggered a domino effect \u2013 with NY based Signature Bank biting the dust.<\/em><\/strong><\/p>\n<p>iQuanta guides you in your CAT preparation from the very basics. For high content relevancy and 24*7 doubt solving, enroll for iQuanta&#8217;s CAT 2023 Course. Click on the link below to check out the details.<\/p>\n<p><a href=\"http:\/\/www.iQuanta.in\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-15213\" src=\"https:\/\/www.iquanta.in\/blog\/wp-content\/uploads\/2022\/09\/iquanta-cat-course.jpeg\" alt=\"iquanta cat course\" width=\"519\" height=\"519\" srcset=\"https:\/\/www.iquanta.in\/blog\/wp-content\/uploads\/2022\/09\/iquanta-cat-course.jpeg 300w, https:\/\/www.iquanta.in\/blog\/wp-content\/uploads\/2022\/09\/iquanta-cat-course-150x150.jpeg 150w\" sizes=\"(max-width: 519px) 100vw, 519px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SVB Financial Group Collapsed SVB Financial Group bought some of the safest assets in the world of finance. How could it possibly have failed\u00a0in two days? Here are some questions and answers to help\u00a0explain what happened in the bank of the silicon valley \u2013 or \u2018The Valley\u2018 as the people around the world call it. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19448,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[369,367,803],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.4 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Bank Crash that Rocked The Street : SVB Financial Group Collapsed - iQuanta<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.iquanta.in\/blog\/the-svb-financial-group-collapse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Bank Crash that Rocked The Street : SVB Financial Group Collapsed\" \/>\n<meta property=\"og:description\" content=\"SVB Financial Group Collapsed SVB Financial Group bought some of the safest assets in the world of finance. 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How could it possibly have failed\u00a0in two days? Here are some questions and answers to help\u00a0explain what happened in the bank of the silicon valley \u2013 or \u2018The Valley\u2018 as the people around the world call it. 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