New York's Signature Bank Collapses Following Silicon Valley Bank
Signature Bank, a commercial bank headquartered in New York, has reportedly collapsed.
The bank's failure comes on the heels of the collapse of Silicon Valley Bank, which has sent shockwaves throughout the financial sector.
Signature Bank was known for its focus on real estate and construction lending, which has been hit hard by the pandemic.
The bank had reported losses of over $350 million in the last quarter, which is believed to have contributed to its collapse.
The collapse of Signature Bank is a significant blow to the financial sector, as it is one of the largest commercial banks in New York.
The bank's failure could have far-reaching implications for the economy, including potential job losses and a negative impact on the real estate market.
Industry experts are calling for increased regulation and oversight of the financial sector to prevent similar collapses from occurring in the future.