“The takeover of SVB has been personally and professionally devastating, and I am truly sorry for how this has impacted SVB’s employees, clients and shareholders,” he said in prepared t…
In prepared testimony published on Monday by the Senate Banking Committee, Becker said he believed the bank was responsive to regulator concerns about managing risk and working to address issues before an “unprecedented” bank run led to its failure.
“The takeover of SVB has been personally and professionally devastating, and I am truly sorry for how this has impacted SVB’s employees, clients and shareholders,” he said.who blamed SVB’s leadership for its failure to manage interest rate risks or diversify the bank’s business beyond the highly concentrated tech sector in the Bay Area.
Becker said he did not believe “that any bank could survive a bank run of that velocity and magnitude.” Former Silicon Valley Bank CEO Greg Becker said he believed the bank was responsive to regulator concerns on managing risk and working to address its issues before an “unprecedented” bank run led to its failure.Becker, along with Signature Bank’s former co-founder and Chairman Scott Shay and former President Eric Howell, are set to testify in front of the Senate Banking Committee on Tuesday at 10 a.m.
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