In early March, 40 chief financial officers from various technology groups gathered in the Utah ski resort of Deer Valley for an annual “snow summit” hosted by Silicon Valley Bank, a crucial financial institution for start-ups.
Barely a week later, on Thursday morning, several of the finance chiefs were exchanging frantic messages about whether they should continue to hold their cash in the bank.
A sale by SVB of $20bn of securities to mitigate a steep drop in deposits had focused investors’ attention on vulnerabilities in its balance sheet. They dumped its stock, wiping $10bn off its shares and crashing the market value of the bank — worth $44bn just 18 months earlier — to below $7bn.
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