March 14, 2023 — The banking crisis that ignited with the failure of Silicon Valley Bank on 10 March, 2023, was not among the top threats to the seafood industry listed by Megan Greene, a senior fellow at the Mossavar-Rahmani Center for Business at the Harvard Kennedy School, during her keynote address at Seafood Expo North America/Seafood Processing North America on 12 March.
But with the subsequent failure of Signature Bank the same day, and the federal takeovers of both institutions representing the second- and third-largest bank failures in U.S. history, turmoil embroiled on the U.S. financial system as customers hurried to withdraw their deposits and investors rushed to devest from the banking sector.