Silicon Valley Bank: global banking shares slide as fallout spreads

Stock markets fail to be reassured by Joe Biden’s intervention as second lender, Signature, closes

• Live coverage of Silicon Valley Bank collapse
• Why did it collapse and is this the start of a banking crisis?
• Why Silicon Valley Bank was so important to UK tech sector

Markets on both sides of the Atlantic failed to be reassured on Monday by government intervention as the fallout from the rapid collapse of Silicon Valley Bank prompted a heavy sell-off of bank shares.

Joe Biden sought to bring calm at the start of the week, saying: “Americans can rest assured that the banking system is safe, their deposits are safe … we will not stop at this, we will do whatever is needed.”