Cliff Marriott, co-head of technology, media and telecoms in Europe for the investment banking division of Goldman Sachs, said that the collapse of Silicon Valley Bank was a "Lehman moment" for the technology industry. Marriott said that the March 10 shutdown of SVB was "pretty stressful", as the lender's clientele scrambled to figure out how they would make payroll. Marriott said that there is "still a big question mark regarding what bank or firm or set of firms is going to replace SVB in terms of providing those utility-like services for technology, giving them bank accounts, allowing them to make payroll, holding their cash balances."

The post Silicon Valley Bank Collapse was ‘Lehman moment for technology,’ top Goldman Sachs deal-maker says appeared first on Balanced News Summary.