The Briefing Room
General Category => Economy/Business => Topic started by: Free Vulcan on March 12, 2023, 01:22:34 pm
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Greg Becker sat in a red armchair at an invite-only conference in Los Angeles last week, legs crossed, one hand cutting through air.
“We pride ourselves on being the best financial partner in the most challenging times,” SVB Financial Group’s chief executive officer told the Upfront Summit on March 1, a day before his firm was up for Bank of the Year honors at a London gala.
Just a week later, it all fell apart.
SVB’s collapse into Federal Deposit Insurance Corp. receivership came suddenly on Friday, following a frenetic 44 hours in which its long-established customer base of tech startups yanked deposits. But its fate was sealed years ago — during the height of the financial mania that swept across America when the pandemic hit.
https://news.yahoo.com/svb-spectacularly-fails-unthinkable-heresy-222710493.html