Silicon Valley Bank, a prominent player in the banking industry, collapsed due to struggling to cope with rising yields that eroded the value of its assets.

Californian regulators shut down the bank, and the Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver.

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Clients of the bank withdrew their deposits, causing $42 billion in outflows in just one day.

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The bank failed to recover from its losses by selling a portfolio of treasuries and mortgage-backed securities to Goldman Sachs at a loss of $1.8 billion.

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The bank failed to recover from its losses by selling a portfolio of treasuries and mortgage-backed securities to Goldman Sachs at a loss of $1.8 billion.

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