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How Banks Across the Globe Failed
On Mar. 10, the Federal Deposit Insurance Corporation (FDIC) in the United States took control of Silicon Valley Bank (SVB) after billions of dollars were withdrawn by depositors and the bank defaulted. As a result of this, a couple of days later, two other banks defaulted as well, creating negative consequences globally.
Tech Sector Lays Off Over 200,000 Workers
Exponential growth and capitalization on the latest demands have been the norm in the tech sector for the past decade. When the COVID-19 pandemic hit and substantially increased the amount of people working from home, major tech companies like Amazon and Meta all launched extensive hiring campaigns, doubling their employees in a matter of months to keep up with the new demand. However, following late 2022, the tech sector announced mass layoffs, with more than 200,000 tech jobs lost over the past year.