Silicon Valley Bank ex-CEO: Decisions were made in good faith - Breaking The News

Silicon Valley Bank ex-CEO: Decisions were made in good faith

15 May

1 min read

EPA-EFE/GEORGE NIKITIN

Former CEO of now-defunct Silicon Valley Bank Gregory Becker will say in a congressional testimony set for May 16 that he and the bank's top brass made their decisions "in good faith and in the best interests of SVB, its employees, and its clients."

Remarks released on Monday ahead of his appearance before the United States Senate Committee on Banking, Housing, and Urban Affairs also revealed that he will note that SVB had had sufficient capital and liquidity even on March 8, 2023, when an "unprecedented" bank run started.

The Federal Reserve's sharp interest rate hikes hurt the bank's securities portfolio, which resulted in SVB seeking to raise capital in March, Becker will say and claim that an earlier "negative" article by the Financial Times on SVB and then-troubled and now-liquidated Silvergate Bank "caused rumors and misconceptions to spread quickly online" and led to the fatal bank run at SVB.

silvergate svb banking crisis

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