SVB Fallout Spreads Around the World as UK Firms Plead for Help

The fallout from the collapse of Silicon Valley Bank is starting to spread around the world.

SVB’s UK unit is set to be declared insolvent, has already ceased trading and is no longer taking new customers. Startup founders are panickingabout accessing money and paying employees. On Saturday, the leaders of roughly 180 tech companies sent a letter calling on UK Chancellor Jeremy Hunt to intervene.

“The loss of deposits has the potential to cripple the sector and set the ecosystem back 20 years,” they said in the letter seen by Bloomberg. “Many businesses will be sent into involuntary liquidation ...