SVB Abandons Equity Raise, Imperiling Efforts to Restore Calm

SVB Financial Group abandoned a planned equity raise, casting doubt on its efforts to shore up capital as it grapples with losses on its securities portfolio and dwindling deposits from start-ups.

SVB was planning to raise $2.25 billion across common shares, convertible preferreds and a commitment from General Atlantic in a deal run by Goldman Sachs Group Inc. to raise funds as technology startups facing a cash crunch yanked their funds. That deal is now off the table, according to people familiar with the matter, who asked not to be identified discussing private information.