First Republic Bank files 8-K – Tech only 4% of total deposits; no sector >9%
I’m not super well informed about this space, but my understanding was that SVB’s issue wasn’t that its depositors were from the tech sector, but rather that it had put a ton of capital into investments that are significantly less valuable (on the open market today) now than they were a year ago due to increasing interest rates.I’m curious how the tech sector matters here specifically?