1000s of furloughs coming due to SVB
No deposit access => no payroll => furloughs (also to avoid tax and SS liabilities) This will effect small and large SV firms: "After Silicon Valley Bank Fails, Tech Startups Race to Meet Payroll" Even established companies, such as Roku and Roblox, have deposits stuck at SVB https://www.wsj.com/articles/after-silicon-valley-bank-fails-tech-startups-race-to-meet-payroll-4ebd9c5c Will it effect you? What are you going to do? #tech #svb #layoffs #roku #roblox
The Wall Street Journal
Hopefully anyone in this career field isn't literally living paycheck to paycheck. With that said, if your company can't make payroll you need to treat it like they're out if business
maybe they will chill with the rate hikes
they wont, until real estate inflation is contained, as continously pointed by Powell
I would rather deposit my entire money in a bank and let it fail than educate myself and buy Bitcoin. I like trusting things than utilize a don’t trust anyone stand by Bitcoin
Wow. Pretty insane.
Relax, FDIC will broker a deal with a larger bank and it’ll all be water under the bridge. Socializing the losses with incentives paid by FDIC’s warchest funded by taxpayers. It’s the American way.
I expect some resolution too. Q is if the buyer will only pick up what's left of the assets, or the whole entity.
Apparently the insurable amount at SDVB is 8 billion. Pretty sure they have more than 8 billion in assets by tenfold, so the taxpayer foots $0 of this bill.
No payroll, no rent payments. No car payments. Credit card and BNPL defaults. I hope someone steps in and bridges these guys until things can get resolved orderly.
1) FDIC will have customer deposits available through the new bank on Monday (that's why they do closings on Fridays) 2) SVB is a speed bump in the world of Financial Services
I am out of a job and broke
Damn
Sorry. Praying for you. Keep your head up
First republic bank will probably be the next one ..
You got any insider info? How do you know
Cuz FRB has the highest lending ratio business to ventures. If you know the cause for failure of SVB, it's not hard to figure out who will be the next one in line unfortunately.
They already announced there will be access to liquidity by Monday lol. Not to mention the 200+ billion in assets on the balance sheet at FMV. Blind, keep doing your useless thing. Spreading FUD.
Yes and you’re leaving out the fact that the bank has $209B in assets and $175B in liabilities to all depositors. All clients might not be made completely whole but once those assets are eventually sold I expect they’ll get .85-.90 cents on the dollar which isn’t great but certainly not doom and gloom
No I totally get it, I was just saying that money is not just all gone, at some point 80-90% will be recovered for all but yes it really does hamstring small companies and start ups with the ability to meet payroll.
Uber won’t be able to pay you since they also bank with svb.
Well I hope a $8B company has more than one bank relationships...