The US Department of Justice is set to open an investigation into the collapse of Silicon Valley Bank after President Joe Biden promised to do “whatever is needed” to protect the banking system.

US banking stocks recovered some of their losses in early trading after $190bn had been wiped off their value since SVB became insolvent last Friday.

Our US correspondent Mark Stone reports from the New York Stock Exchange.

#siliconvalleybank #interestratehike #joebiden #skynews

SUBSCRIBE to our YouTube channel for more videos: http://www.youtube.com/skynews

Follow us on Twitter: https://twitter.com/skynews
Like us on Facebook: https://www.facebook.com/skynews
Follow us on Instagram: https://www.instagram.com/skynews
Follow us on TikTok: https://www.tiktok.com/@skynews

For more content go to http://news.sky.com and download our apps:
Apple https://itunes.apple.com/gb/app/sky-news/id316391924?mt=8
Android https://play.google.com/store/apps/details?id=com.bskyb.skynews.android&hl=en_GB

Sky News Daily podcast is available for free here: https://podfollow.com/skynewsdaily/

Sky News videos are now available in Spanish here/Los video de Sky News están disponibles en español aquí: https://www.youtube.com/channel/UCzG5BnqHO8oNlrPDW9CYJog

Sky News videos are also available in German here/Hier können Sie außerdem Sky News-Videos auf Deutsch finden: https://www.youtube.com/channel/UCHYg31l2xrF-Bj859nsOfnA

To enquire about licensing Sky News content, you can find more information here: https://news.sky.com/info/library-sales