Former Silicon Valley Bank CEO Apologizes for Bank’s Collapse in Senate Testimony
Former chief executive of Silicon Valley Bank (SVB) Greg Becker issued a public apology before a Senate committee on Tuesday. Becker expressed deep remorse for the devastating impact suffered by SVB’s employees, clients, and shareholders during the recent financial turmoil that led to the bank’s collapse.
“I never envisioned myself or SVB being in this situation,” Becker said, adding that he is “truly sorry for how this has impacted SVB’s employees, clients, and shareholders.”
Becker’s testimony was accompanied by speeches from two former executives of Signature Bank, another tech-centric bank that collapsed just two days after SVB. The simultaneous failures of both banks prompted regulators to intervene and assume control as depositors frantically withdrew their funds….