Silicon Valley Bank: global banking shares slide as fallout spreads

Stock markets fail to be reassured by Joe Biden's intervention, as SVB failure is followed by Signature

• HSBC to buy Silicon Valley Bank UK for 1 in rescue deal
• Nils Pratley: relief in the UK over SVB. Panic in the US
• Why did it collapse and is this the start of a banking crisis?

Global financial markets have come under severe pressure after the collapse of Silicon Valley Bank, despite governments on both sides of the Atlantic taking extraordinary measures to maintain confidence in the banking system.

On a day conjuring up memories of the 2008 financial crisis, the US president, Joe Biden, sought to restore calm by insisting the US banking system remained safe, while HSBC stepped in to buy the UK arm of the failed technology lender after a deal brokered by the British government and the Bank of England.