Greg Becker, former CEO of failed lender Silicon Valley Bank, apologized in congressional testimony for its 'devastating' collapse while citing rising interest rates and mounting withdrawal requests as key causes of its demise.
Greg Becker, President and CEO at SVB speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2022. REUTERS/Mike Blake
The bank was responsive to regulator concerns about its risk management and working to address issues when an "unprecedented" bank run led to its failure, Becker wrote in prepared testimony published on Monday by the Senate Banking Committee. for its failure to manage interest rate risks or diversify its business beyond the highly concentrated tech sector in the Bay Area.
Fed supervisors did not fully appreciate the problems at SVB and failed to escalate deficiencies even after they were identified, the regulator said in a report last month.
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