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Business News/ News / World/  Global Market: Biggest bank failures since 2007/2008 financial crisis
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Global Market: Biggest bank failures since 2007/2008 financial crisis

The development, also the largest bank failure since the 2007-2008 financial crisis, comes on the heels of Silicon Valley Bank and Signature Bank's demise in March which sent shockwaves through markets and sparked contagion worries

People walk past the headquarters of First Republic Bank in San Francisco (AP)Premium
People walk past the headquarters of First Republic Bank in San Francisco (AP)

US authorities seized control of First Republic Bank on Monday before selling most of the assets to JPMorgan Chase -- a collapse representing the second biggest US bank failure ever.

The development, also the largest bank failure since the 2007-2008 financial crisis, comes on the heels of Silicon Valley Bank and Signature Bank's demise in March which sent shockwaves through markets and sparked contagion worries.

Here are other major retail bank failures since that period, listed with their assets at the time:

- HBOS (Britain): Sept. 17, 2008. 690 billion pounds, equivalent to $866 billion

- Washington Mutual (United States): Sept. 19, 2008. $307 billion.

- First Republic Bank (United States): May 1, 2023. $229 billion.

- Silicon Valley Bank (United States): March 10, 2023. $189 billion.

- Signature Bank (United States): March 12, 2023. $110 billion.

- Sachsen LB (Germany): Aug. 26, 2007. $67 billion euros, equivalent to $74 billion.

- Bradford & Bingley (Britain): Sept. 9, 2008. 35 billion pounds, equivalent to $44 billion.

- IndyMac (United States): July 11, 2008. $32 billion.

These were retail banks used by individual consumers and businesses.

They are distinct from investment banks that failed during the 2008 crisis including Lehman Brothers, which went bankrupt in September 2008 and had $639 billion in assets at the time.

 

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Published: 01 May 2023, 08:58 PM IST
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