Rate hikes, social media drove SVB’s collapse, former CEO says
In prepared testimony published on Monday by the Senate Banking Committee, Becker said he believed the bank was responsive to regulator concerns about managing risk and working to address issues before an “unprecedented” bank run led to its failure.
“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,” he said.Becker’s account contrasts with those of regulators and banking industry executives who blamed SVB’s leadership for its failure to manage interest rate risks or diversify the bank’s business beyond the highly concentrated tech sector in the Bay Area.
Becker, along with Signature Bank’s former co-founder and Chairman Scott Shay and former President Eric Howell, are set to testify in front of the Senate Banking Committee on Tuesday at 10 a.m. EDT where they will appear publicly for the first time since their firms collapsed, triggering rare government intervention to backstop deposits.
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