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Sunday, June 23, 2024

SVB’s collapse was fueled by ‘people on iPhones’ and won’t spread across the US banking sector, Blackstone CEO says

The troubles that brought down Silicon Valley Bank were sparked by high interest rates and new technology that means bank runs can gather pace faster today, according to Blackstone’s CEO Steve Schwarzman. That means the recent banking turmoil is unlikely to snowball into a broader crisis across the …

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