Silicon Valley Bank (SVB) failed last week largely because it had put all its eggs into one basket – the tech sector.
Once the darling of the global economy, the tech sector is now struggling under the weight of the same factors that sunk the bank – rising interest rates and the lack of diversification, which in SVB’s case meant a concentrated customer base.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you