Looks like Cisco was one of the orgs that trusted Silicon Valley bank with its money.
https://original.newsbreak.com/@spark-news-1614266/2954049947836-silicon-valley-bank-s-collapse-what-happened-and-what-you-need-to-know
It will be interesting to see the effect of the SVB collapse on Cisco
SVB was for small businesses, and this was a trolling post, but it does bring up the question of just where does Cisco "bank" it's billions of "cash" reserves that it has.
I don't see companies like FAANG keeping 100's of accounts open that are limited between $200-250K to stay under the FDIC limits. Given that banks lump all the accounts owned by a business into one total amount for FDIC protection purposes, they'd have to have accounts with 100's of banks. That does not seem like something a large company can manage.
All SVB depositors will be made whole. Cisco's billions at SVB are safe. LR will happen still.
FakeBook just LRed another 10k folks.
They’ve been bailed out. All is well.
Likely will spur more layoff
If Cisco does have alot of money with SVB, they have not filed an 8-k with the SEC yet.
https://www.sec.gov/edgar/search/#/q=%2522Silicon%2520Valley%2520Bank%2522&dateRange=custom&category=form-cat1&startdt=2023-03-10&enddt=2023-03-10
Black swan event. More layoffs incoming.