Cloud News
Major IT Companies That Did Business With SVB
Joseph F. Kovar, Wade Tyler Millward
The collapse of Silicon Valley Bank has sent ripples throughout the financial and technology industries. Here are some of the IT vendors that had done business with the bank.
The collapse of Silicon Valley Bank (SVB) has sent ripples throughout the financial and technology industries.
Bloomberg reports that more than 190 companies worldwide might be looking for new lenders after the collapse of SVB.
[RELATED: SVB Backstop Fallout: IT Solution Providers Breathe ‘Sigh Of Relief’]
The 40-year-old Santa Clara, Calif.-based bank collapsed when customers withdrew $42 billion in a single day last week, according to CNN.
IT Vendors That Did Business With SVB
Some of the companies that revealed their ongoing business with the bank include:
*RingCentral
*Sumo Logic
*Juniper Networks
*Lantronix
In a joint statement Sunday, Secretary of the Treasury Janet Yellen, Federal Reserve Board Chair Jerome Powell and Federal Deposit Insurance Corp. (FDIC) Chairman Martin Gruenberg announced that the government would fully protect all depositors of SVB with no losses borne by taxpayers.
Here’s what you need to know.
