'The takeover of SVB has been personally and professionally devastating, and I am truly sorry for how this has impacted SVB’s employees, clients, and shareholders,' says former Silicon Valley Bank CEO Greg Becker.
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.
Becker, along with Signature Bank’s former co-founder and chairman Scott Shay and former president Eric Howell, are set to testify before the Senate banking committee on Tuesday, May 16, at 10 am EDT . They will appear publicly for the first time since their firms collapsed., which also failed in March, maintained the bank could have survived had regulators not chosen to close it, according to separate testimony.
Signature’s failure was caused by “poor management” and a pursuit of “rapid, unrestrained growth” with little regard for risk management, theCalifornia banking regulators moved quickly to shut SVB down on March 10 after depositors withdrew $42 billion in 24 hours. Two days later, regulators closed Signature.
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