As Silicon Valley Bank raced to obtain emergency funding, SVB depositors drained their accounts via smartphone apps. The depositors won.
Depositors were draining their accounts via smartphone apps and telling their startup networks to do the same.
But inside Silicon Valley Bank, executives were trying to navigate the U.S. banking system’s creaky apparatus for emergency lending and to persuade its custodian bank to stay open late to handle a multibillion-dollar transfer.
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