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Goldman Sachs, which had helped SVB with a proposed capital raise in March 2023 and ultimately purchased SVB’s securities portfolio, has also been subpoenaed, according to bankruptcy filings.
On March 10, 2023, Silicon Valley Bank (SVB) failed after a bank run, marking the third-largest bank failure in United States history and the largest since the 2007–2008 financial crisis. [1] [2] It was one of three bank failures, along with Silvergate Bank and Signature Bank, in March 2023 in the United States.
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 .
SVB Financial, the parent of failed Silicon Valley Bank, filed for Chapter 11 bankruptcy one week after regulators seized control of the company's Santa Clara-based lender.
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]
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Until its collapse, SVB was the 16th largest bank in the United States and was heavily skewed toward serving companies and individuals from the technology industry. [31] [32] [33] Nearly half of U.S. venture capital-backed healthcare and technology companies were financed by SVB. [34]
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]