The Search for Lessons From 2023 Bank Failures: QuickTake

Over 10 turbulent weeks earlier this year, a string of US banks with combined assets of more than $500 billion collapsed. The tale of what happened, and what the government can do to prevent a recurrence, is still being written.

1. What happened to the banks?

In March, Silvergate Capital, Silicon Valley Bank and Signature Bank of New York collapsed, followed by First Republic Bank on May 1. Silvergate and Signature were hurt by their connections to a cryptocurrency market that had boomed and faltered. SVB and First Republic were hurt by investments that proved to be vulnerable ...