Banking crisis - statistics & facts
March 2023 was a month the global banking industry will not soon forget, as many feared that it potentially signaled the start of a new banking crisis. Over the course of three days in March, two U.S. banks collapsed, marking the first bank failures in the U.S. since 2021. Silicon Valley Bank (SVB), which was the 16th largest bank in the U.S., collapsed on the 10th of March. The assets lost in its failure amounted to roughly 209 billion U.S. dollars, making it the third largest bank failure in U.S. history. Signature Bank went under two days later, marking the fourth largest U.S. bank failure. The loss of assets upon the failure of these banks was close to the total amount of assets lost during the global financial crisis in 2008, when 25 U.S. banks collapsed. Though no other bank collapsed in March 2023, confidence in the banking industry crumbled, leading to the drastic decrease in the share price of several regional U.S. banks, and the Nasdaq Bank Index. Less than two months after the collapse of SVB and Signature Bank, First Republic Bank went under, marking the second largest bank failure in U.S. history.
