Written By: Gurkomal Gill 

While the market was fixated on the interest rate hikes, March 2023 began with a string of 4 back-to-back bank failures in the United States. After Washington Mutual’s fall in 2008, First Republic Bank, Silicon Valley Bank and Signature Bank collapses were the second, third and fourth largest banking collapses in US, respectively (1). Bank runs and liquidity troubles were the start of woes for these banks. The panic among investors and swift withdrawals exposed the underlying liquidity crisis. This article dives into the developments unique to each bank and explores the commonalities that led to the crises.

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Written by: Gurkomal Gill

While 2023 already started with great skepticism on whether there will be an economic downturn, it was tech layoffs that grabbed everyone’s attention. The post-pandemic phase saw recruiters going on a hiring spree with millions of job openings in a tight labor market (1). However, the statistics for tech sector say otherwise. Over the past year, several technology companies including big names like Microsoft, Meta, Amazon and Twitter have laid off more than 100,000 employees and the sector might see more downsizing in the future (2). Not only were there layoffs but many saw their offers being rescinded before the start of new jobs (3). Was it a sudden development or something that was forthcoming?
Here are the layoff statistics for major technology companies (4):
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