The tone is meant to be reassuring, despite the debacle. Silicon Valley Bank’s new chief executive, appointed Monday, sent an email, which we obtained, to bank employees and corporate clients.
After Joe Biden, it is therefore the new CEO who tries to respond to the concerns raised by the bankruptcy of the Californian bank.
“We continue with our activities as usual”
According to the new leader, the situation has already returned to normal.
The aim of the takeover is to reassure this bank’s clients, investors and start-ups, but also to clarify the mechanisms that led to this bankruptcy. Former CEO Greg Becker declared himself, in January 2023, “optimistic” about the year 2023. So it is about this newcomer regaining control of liquidity… and communication.
And the CEO of the American technology bank with forty years of existence to decline his resume: “Until recently, I was president of a software company based in Silicon Valley (…) I know how important Silicon Valley Bank has been and continues to be for the success of its customers and the innovation ecosystem.”
“Depositors have full access to their money”
Promising to get back to employees and partner companies “quickly” to provide additional information, Tim Mayopoulos wants to make a point, indicated in bold in the email:
Despite these reassuring elements, the sudden bankruptcy of SVB late last week rocked financial markets and the tech world. Once the first shock wave has passed, questions arise, such as perhaps insufficient US regulation. This sudden drop exposes the weaknesses of US banking regulation.
Source: BFM TV
