Update (1030ET): In a hearing before the US House Ways & Means Committee Friday, Treasury Secretary Janet Yellen said the department is monitoring "a few" banks amid issues at SVB.
Additionally, Reuters is reporting that SVB told its employees in a memo on Friday that they should work from home until further notice, stating according to a memo seen by the news service:
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Update (0900ET): CNBC's David Faber reports that SVB has sought an adviser to find a buyer after attempts to raise capital have failed. However, Faber added that deposit outflows are outpacing any efforts to find a buyer...
BREAKING: SVB Financial in talks to sell itself after attempts to raise capital have failed, sources say (via @DavidFaber) https://t.co/VixRcKa3R1 pic.twitter.com/QdoxlgsTS0
-- CNBC Now (@CNBCnow) March 10, 2023
Meanwhile, we've seen this playbook before...
At what time does JPM offer to buy SIVB for $2
-- zerohedge (@zerohedge) March 10, 2023
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Trading in Silicon Valley Bank shares has been halted for news pending after they plunged another 65% overnight after numerous icon VCs recommended clients pull cash from the struggling regional bank...
Perhaps more problematically, SVB's bonds (1.8s of 2031) are collapsing...
Bonds are extending losses after the stock was halted...
The fears of SVB's collapse is contagiousl dragging down others including Schwab, Western Alliance, and First Republic...
SVB Financial Group Chief Executive Officer Greg Becker held a conference call on Thursday advising clients of SVB-owned Silicon Valley Bank to "stay calm" amid concern about the bank's financial position, according to a person familiar with the matter.
But a large number of VCs have suggested pulling cash sooner rather than later.
Ava Labs President John Wu said in an interview with Bloomberg Television.
However, some VCs said they were standing by the bank.
"It is truly unfortunate that several GPs and companies are making a tough situation for SVB worse by pressing the panic button," said G Squared founder Larry Aschebrook.
said Jim Reid, a strategist at Deutsche Bank AG.
Michael 'Big Short' Burry also weighed in on Silicon Valley Bank last night.
The Treasury Department is monitoring Silicon Valley Bank "very carefully," White House Economic Advisor Bharat Ramamurti tells CNBC.