SVB Crisis: What happened and what’s ahead?

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Over the weekend, Signature Bank was closed by the US regulator - the second closure in the past few days following the shutdown of Silicon Valley Bank. HSBC’s UK arm has bought SVB’s UK subsidiary for a pound and finance minister Jeremy Hunt reassured all companies can access normal banking services at SVB UK. US President Joe Biden has pledged to the public that their deposits would be protected, and people will continue to have access to their money but it seems like some investors smell blood in the water. First Republic Bank saw its shares crash 74 percent. Other banks are down sharply. So what has happened in recent days and should we brace for impact for a full-blown financial crisis? (Picture: Getty Images)