CURRENT AFFAIRS

Detailed explanation-1: -The failure of Washington Mutual, along with other major investment banks such as Lehman Brothers and Bear Stearns, led to a systemwide banking crisis, and many other small and mid-sized regional banks failed as a result.

Detailed explanation-2: -This month saw the collapse of two US banks: Silicon Valley Bank (SVB) and Signature Bank. SVB, which specialized in serving tech companies, was shut down by the US regulator after a run on its deposits triggered by losses in its securities portfolio.

Detailed explanation-3: -That includes Washington Mutual (WaMu), still the largest bank failure in U.S. history. WaMu had some $307 billion in assets when it collapsed, equivalent to more than $424 billion in today’s dollars.

Detailed explanation-4: -two major U.S banks collapsed. one was Silicon Valley Bank. and another was Signature Bank both of these Banks was reasonably sized bank but they completely collapsed. after this the central government got active.