• Two prominent business leaders predicted that the turmoil which hit the financial sector over the past several weeks will continue as more banks face various pressures.
• The implosion of Silicon Valley Bank, where the vast majority of account balances exceeded the $250,000 threshold backed by the Federal Deposit Insurance Corporation, prompted the government-backed company to secure all accounts at the firm last month in order to prevent additional bank runs.
• Signature Bank, which also had a majority of large account holders, imploded days later and produced additional concerns over volatility in the financial system.

Tagged: Banks