making, but silicon valley s implosion is the biggest such failure since the collapse of our entire financial system 15 is years ago.o down next, and we ve got you covered in los angeles with kelly o grady on how all of this happened, at the white house with lucas tomlinson on what they hop next, in washington with former fdic chair sheila bair on why this won t be another financial meltdown, she hopes. and in florida with home depot cofounder bernie marcus who says that doesn t mean this still won t be a big confidence meltdown no matter what happens next. all that and nikki haley on cracking down at the border by sending u.s. troops to the border and a portland, oregon, businessman who was trying to make a living amidst a crime wave that is soaring, and city officials all but ignoring. busy show, busy weekend, and it all starts right now. welcome, everybody. i m neil cavuto. very good to have you. now to the our biggest story, that bank collapse and what it could portend fo
Then the news review. Brexodus fears grow in the City Of London, as leading firms warn thousands of staff may now be relocated. Plus, breathing space. No Arrest Warrant for samsung boss jay y lee. But prosecutors vow to continue the Corruption Investigation without wavering. Welcome to World Business report. Im sally bundock. Well be live in seoul injust a moment. Well get the latest on samsung. But first, this. We start here in london, where fears of a costly brexit exodus of banking jobs are growing. Leading firms are now weighing up moving thousands of staff out of the uk, after Prime Minister theresa may confirmed plans to leave the european Single Market as well as the eu, the so called hard brexit option. So, what have we heard already . On wednesday, the boss of hsbc said hes preparing to move around 1000 of his 5000 london staff to paris. That would mean around 20 of its european revenue leaving the uk, worth several billion dollars. Swiss rival, ubs, also told the bbc that 100
could portend for the future. let s go to los angeles and find kelly o grady. reporter: yes, the bank haven for start-ups is no more, the second biggest bank collapse in u.s. history. let s recap what started it all. svb s spiral began wednesday, its start-up clients had been withdrawing more cash than usual amidst the fed raising rates and a chilly fund raising environment. the tech community got jumpy, the stock was in freefall, and investor warned it might be in real trouble. that caused a bank run. in other words, a ton of clients simultaneously tried to withdraw funds. by thursday s end, customers had pulled out $42 billion of deposits leaving a negative cash balance of $958 million. california regulators deemed svb incapable of operating and shut it down. the fkic fdic assured goes depositors they will redeem