摘要： When Silicon Valley Bank’s collapse was first unfolding, a belated disclosure colored some of the chaos: The bank spent most of last year without a chief risk officer, and the one who left sold more than $4 million of stock in the bank before departing.
摘要： Welcome to The Interchange! If you received this in your inbox, thank you for signing up and your vote of confidence. If you’re reading this as a post on our site, sign up here so you can receive it directly in the future. Mary Ann is on a much deserved break this week, so I am filling in for her, bringing you the hottest fintech news of the previous week. Now let’s dive into the fintech news because you are probably wondering what’s up with your favorite bank, and I promise to get to that first. Let’s go! — Christine
SVB’s new CEO Tim Mayopoulos has had a lot to say in the 24 hours since he joined the bank on Monday. In a private Zoom meeting run by SVB for a select number of LPs and investors, he asked clients to return deposits to the institution: “That’s the single-most important thing you can do to ensure that Silicon Valley Bank survives.”
One week after trading was halted for SVB Financial and regulators took control of the holding company for Silicon Valley Bank and other subsidiaries, SVB Financial has taken the next inevitable step: Today it announced that it has formally filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York. This will mean that SVB Financial can apply, and plans to apply, to the courts to resume activities while finding buyers for its assets, which include going ahead with its plans to sell off SVB Securities and SVB Capital, and more.