All SVB Financial Group articles
For eight months last year, Silicon Valley Bank went without an established chief risk officer. The ramifications of that decision are hard to ignore in the wake of the bank’s hasteful failure.
The White House, Department of the Treasury, and other federal banking regulators swung into action over the weekend to prevent the failure of two banks with $264 billion in combined deposits from turning into a full-blown economic crisis.
In the largest U.S. bank failure since 2008, Silicon Valley Bank was closed and its approximately $175 billion in deposits placed under control of the Federal Deposit Insurance Corporation.