Silicon Valley Bank scrambles to reassure clients after stock wipe-out

SVB Financial Group (SIVB.O) scrambled to reassure its venture capital clients their money was safe after a capital raise led to its stock collapsing 60% and contributed to wiping out over $80 billion in value from bank shares.

Greg Becker, President and CEO of SVB, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California.AP

WASHINGTON: SVB Financial Group (SIVB.O) scrambled to reassure its venture capital clients their money was safe after a capital raise led to its stock collapsing 60% and contributed to wiping out over $80 billion in value from bank shares.

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