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The failure of SVB was the largest of any bank since the 2007–2008 financial crisis by assets, and the second-largest in U.S. history behind that of Washington Mutual. [97] SVB's Chinese joint venture, whose chairman is the chairman of Shanghai Pudong Development Bank, said their operations were "sound" as of March 11, 2023. [46]
In the days after the collapse, startup founders and other customers lined up outside bank branches in Silicon Valley and San Francisco, seeking to withdraw their deposits or learn the status of their wire transfers. [112] [113] Many technology entrepreneurs regained access to their deposits on March 13. [22]
The SVB Private offices in San Jose, formerly operated by Boston Private Bank & Trust Company, on March 13 following Silicon Valley Bank's collapse On May 31, 2005, Silicon Valley Bankshares rebranded as SVB Financial Group, signaling the company's diversification away from commercial banking. [ 22 ]
Silicon Valley Bank headquarters and branch in Santa Clara on Aug 7, 2019. (Sundry Photography via Getty Images)
Collapse of Silicon Valley Bank (SVB) marks biggest US bank failure since Washington Mutual during 2008 financial crisis
Collapse of Silicon Valley Bank (SVB) marks biggest US bank failure since Washington Mutual during 2008 financial crisis
Gregory W. Becker (born 1966 or 1967 [1]) is an American business executive who was the chief executive officer of SVB Financial Group and its chief banking subsidiary Silicon Valley Bank (SVB) from 2011 to 2023. [2] He also was a board member of the Federal Reserve Bank of San Francisco before SVB’s collapse in 2023. [3] [4]
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