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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]
The Federal Reserve Bank of San Francisco stated that the bank's CEO Greg Becker was no longer on its board of directors. [65] The simultaneous failures of SVB and New York's Signature Bank raised concern about the condition of other regional banks, with particular attention to First Republic Bank and Western Alliance. [66]
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]
Collapse of Silicon Valley Bank (SVB) marks biggest US bank failure since Washington Mutual during 2008 financial crisis
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
SVB Financial Group (SVB or SVBFG) is a financial services holding company headquartered in New York City. [2] The company's main business unit was the commercial bank Silicon Valley Bank, until the bank failed in March 2023 after a bank run.
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