Both current and former employees have stated that the bank’s support of remote work is a contributing factor.
In the aftermath of the collapse of Silicon Valley Bank , the 16th biggest bank in the country, many are left wondering what went wrong. that current and former employees of Silicon Valley bank have mentioned the bank’s support of remote work as a contributing factor to its recent collapse. SVB stood out in the banking sector for its commitment to remote work.
In its 2022 annual report, SVB included remote work as a risk to its business, despite its public commitment to it. The report cited concerns about productivity as well as IT problems brought on by having employees spread out across the nation as reasons for this risk. One such instance is Best Buy, a pioneer of hybrid work, which abandoned its hybrid policy because it no longer trained new hires on how to function in a flexible workplace. This caused problems with the company’s culture.
There is a clear through line from the spendthrift Biden administration policies to the current crisis. The $1.9 trillionoverstimulated the economy, pushing inflation up to the fastest pace in four decades. Excess savings flooded the banking system, pumping banks likeNearly two weeks ago, we
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