Maybe SVB themselves downplayed this?
Take https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/ins... as an example:
> The liabiity issue: extreme reliance on institutional/VC funding rather than traditional retail deposits
> While capital, wholesale funding and loan to deposit ratios improved for many US banks since 2008, there are exceptions. As shown in the first chart, SIVB was in a league of its own: a high level of loans plus securities as a percentage of deposits, and very low reliance on stickier retail deposits as a share of total deposits. Bottom line: SIVB carved out a distinct and riskier niche than other banks, setting itself up for large potential capital shortfalls in case of rising interest rates, deposit outflows and forced asset sales.
For the shareholders of SVB, Patio11 of course says it best: https://twitter.com/patio11/status/1634925745515692034
> The sacred duty of equity is to take losses before depositors.
"The liability issue: extreme reliance on institutional/VC funding rather than traditional retail deposits.
...While capital, wholesale funding and loan to deposit ratios improved for many US banks since 2008, there are exceptions. As shown in the first chart, SIVB was in a league of its own: a high level of loans plus securities as a percentage of deposits, and very low reliance on stickier retail deposits as a share of total deposits. Bottom line: SIVB carved out a distinct and riskier niche than other banks, setting itself up for large potential capital shortfalls in case of rising interest rates, deposit outflows and forced asset sales. [Note: This chart appeared in our 2023 Outlook in a discussion on risks related to deposits, rising rates and quantitative tightening]..."