Troubled times in Silicon Valley

A pedestrian carries an umbrella while walking past a Silicon Valley Bank Private branch in San Francisco on March 14, 2023.

But a couple of business leaders told me Tuesday that we shouldn’t be too quick to count out Silicon Valley., senior vice president of tech and innovation at Silicon Valley Leadership Group: “I really do believe that Silicon Valley will weather the storm that we’re going through at this moment. It’s just a question of how long we’re all going to need an umbrella.”

And a big storm has indeed been battering one of the valley’s most prominent financial institutions since its dramatic collapse last week. Currently under the control of the Federal Deposit Insurance Corp. after state regulators stepped in to seize it, Silicon Valley Bank will now be investigated by the Justice Department and the Securities and Exchange Commission, according toThe Justice Department’s investigation will specifically involve its fraud prosecutors in San Francisco and Washington.

These layoffs and significant financial losses further fuel the inequities that plague the area. Houses in San Francisco, San Jose and other cities in Silicon Valley, for example, often top most expensive lists. Yet the same cities have some of the largestRegardless, with reassurances from the federal government that it will guarantee deposits into Silicon Valley Bank, business leaders told CalMatters they have faith in the resilience of the valley’s economy.

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