US Banking Crisis: Memes Soar on Twitter After SVB, Signature Bank Collapse

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Last Updated:March 17, 2023, 10:18 IST

Discover the Twitter memes that went viral after the collapse of SVB and Signature Bank, followed by a series of bank failures.

US Banking Crisis: Memes Flood Twitter After SVB, Signature Bank Collapse (Photo Credits: Twitter/@wallstmemes)

Last week, SVB and Signature Bank’s crashes made the banking sector highly volatile, fueling fear among investors. Credit Suisse’s crisis worsened on Wednesday, leading to a stock and bond crash. Amid the fallout, Twitter users created a memefest to lighten the situation. SIVB’s tech startup clients and SBNY’s crypto company clients were hit hard, and investors sought to shield their finances. Despite the seriousness of the situation, see how people are turning to humour to cope with the ongoing US banking crisis.

Discover the Twitter memes that went viral after the collapse of SVB and Signature Bank, followed by a series of bank failures.

The global crypto market has been in troubled waters for almost a year. From the massive LUNA collapse in May 2022 to the mismanagement of funds by former FTX CEO Sam Bankman-Fried, the market is facing an unprecedented meltdown. The recent closure of three US-based crypto-friendly banks – Silvergate Capital Corp., Silicon Valley Bank, and Signature Bank – has intensified the crisis. SVB’s problems spilled over to Signature Bank, triggering depositors to make big withdrawals. Signature Bank served numerous cryptocurrency firms, adding to its troubles. On March 8, another crypto-focused bank, Silvergate Capital, shut down.

Meanwhile, on Wednesday, Credit Suisse’s shares hit a record low of $1.76, dropping over 20%, before slightly rebounding to above $2 on Thursday. In contrast, AMC’s shares were above $4 on Thursday. The decline came after Saudi National Bank, Credit Suisse’s largest investor, refused to offer additional financial assistance. This news, following the seizure of SVB and Signature Bank, has raised fears of a global banking crisis.