Silicon Valley Bank got shut down as the most extensive banking failure

The FDIC shut down Silicon Valley Bank, making it the most significant retail banking failure since the 2008 financial crisis. This came after 48 hours of high volatility, with the bank's shares plummeting and customers withdrawing their deposits. The FDIC is taking control of SVB deposits, though it's unclear what the lasting effects of this shutdown will have on the markets. The global financial crisis had a significant impact on the banking sector, with the collapse of Lehman Brothers on September 15, 2008, among the most notable failures.

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