US justice department probes collapse of Silicon Valley Bank

The US justice department and the securities and exchange commission (SEC) have launched investigations into the collapse of Silicon Valley Bank (SVB), it is understood.

The investigations – which are separate inquiries – are in their early stages and will also examine the actions of the bank’s senior executives, a source told the Associated Press.

The justice department’s investigation involves US federal prosecutors in California, along with prosecutors involved in fraud cases, the source said.