Chief Economist Shane Oliver at AMP says we are one step closer to a global recession after three big US banks fail.

This comes after Signature Bank had their share price nose dive in the last 24 hours.

On Friday, Silvergate Capital announced it had gone into voluntary liquidation.

And now Silicon Valley Bank has gone into receivership.

It’s the biggest bank failure in US history, so what does this mean? A recession?

To hear what Shane Oliver told Chris O’Keefe about what this means for the economy PLAY below:

A Sydney man who has money invested in Silicon Valley Bank wants his money back:

See more highlights from Chris O’Keefe below: