Insider Finance - Business - How to sound smart on SVB

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March 14, 2023

Hello! I’m Matt Turner, the editor in chief for business at Insider. Here’s what’s on the agenda today:

Three big takeaways from Silicon Valley Bank’s crisis, from the first-ever social media bank run to which big banks will benefit.
A billionaire tech CEO said Meta and Google staffers didn’t have enough to do.
Companies are getting rid of middle managers. That’s a big mistake.

— Matt Turner

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THE LATEST

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THE BIG STORY

SVB takeaways

Tim Robberts/Getty Images

The Silicon Valley Bank implosion is the biggest bank failure since 2008. Here are my three main takeaways from the crisis.

First, digital banking and social media contributed to a bank run at hyper speed. SVB depositors initiated withdrawals of $42 billion on Thursday, equivalent to roughly $500,000 per second over 24 hours. Many of the old assumptions around bank liquidity will need to be revised.

Second, it’s becoming clear that big banks like JPMorgan will be big beneficiaries of SVB’s demise. “We need to be where the economy is going,” one founder told my colleagues. “You've got to have your funds in a JPMorgan Chase, a Wells Fargo or a BofA." And so-called shadow banks are ready to pounce, too.

Third, this isn’t over yet. SVB still hasn’t found a buyer. Banks including First Republic saw their stock price plunge on Monday. Ratings agency Moody’s just put First Republic and Western Alliance on watch for a credit ratings downgrade.

— Matt Turner

TOP READS

Middle managers, a tiny-home village, & more

iStock; Robyn Phelps/Insider

Save the middle manager! Few positions in corporate America are more thankless — or more ridiculed — than that of middle manager. But companies like Twitter and Meta are getting rid of them, and that is a big mistake. Here’s why.
Millennial men — with lots of money — are leading the way on buying electric cars. New data from J.D. Power says Gen X is close behind. Read more.
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The big short. A doctor wants to make his penis-enlargement implant as common as breast implants. Thousands of men have undergone the procedure, but some say it’s left them deformed and in excruciating pain. Read Insider’s new investigation here.
“I make six figures reviewing tech products with the Amazon Influencer Program.” Sal Farzin is a full-time tech creator with almost 3 million TikTok followers. About 80% of his six-figure influencer income comes from promoting products on Amazon. His six tips for success.
A tiny-home village with $1,000-a-month rents. A husband-and-wife duo are building a community of 44 tiny homes across four acres in Dover, New Hampshire. They say it’s meant for “your entry-level schoolteachers, your entry-level firefighters,” and others with low income. Read more.
Over-hired Meta and Google staff were “doing nothing.” The billionaire CEO of C3.ai said that the tech giants hired so many employees that they didn't have enough work for them to do. Get the full story.

TAKE A LOOK

Liftoff!

Trevor Mahlmann/Relativity Space

The world's first 3D-printed rocket is preparing to launch. Relativity Space wants to launch the world's first rocket that's almost entirely 3D printed. The company developed the world's largest metal 3D printers to make its Terran 1 rocket. It hopes the launch will put it on track to beat Elon Musk's SpaceX to Mars by 2024. See it for yourself.

WATCH THIS

Food Tours

Finding the best full English breakfast in London. Insider’s Harry Kersh and Joe Avella travel across London to find the best full English breakfast in the city. They visit the best-rated breakfast spot, Harry's expert pick, and a wild-card location to see what the city has to offer. Check it out.

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This edition was curated by Matt Turner, and edited by Hallam Bullock, Lisa Ryan, Dave Smith, Nathan Rennolds, and Jack Robert Stacey. Get in touch: insidertoday@insider.com.

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