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SVB CEO Becker addresses employees with 'heavy heart' in video

Published 03/10/2023, 07:25 PM
Updated 03/10/2023, 08:25 PM
© Reuters. FILE PHOTO: Greg Becker, President and CEO of SVB, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2022.  REUTERS/Mike Blake/File Photo

By Lananh Nguyen and Pete Schroeder

NEW YORK (Reuters) -Greg Becker, the chief executive of SVB Financial Group, sent a video message to employees acknowledging the "incredibly difficult" 48 hours leading up to the collapse of its Silicon Valley Bank on Friday.

"It's with an incredibly heavy heart that I'm here to deliver this message," he said in a video seen by Reuters. "I can't imagine what was going through your head and wondering, you know, about your job, your future."

The Federal Deposit Insurance Corp was named receiver of Silicon Valley Bank after California banking regulators closed it on Friday.

While the FDIC has taken control of the lender, Becker said he is working with banking regulators to find a partner for the bank, but there is "no guarantee" a deal will be struck.

Becker wore a black zip-up jacket with a logo from Gleneagles, a luxury golf resort in Scotland, and spoke from a room framed by dark cabinets.

© Reuters. FILE PHOTO: Greg Becker, President and CEO of SVB, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2022.  REUTERS/Mike Blake/File Photo

He asked employees to "hang around, try to support each other, try to support our clients, work together" to get a better outcome for the company.

"Thank you, and my heart is with you," he said.

Latest comments

and you have sold your share last month to earn some money 💰💰💰🤠
The USA is collapsing before our eyes
everything you post is insane. trump won! right fed boy?
Guys relax its a startup financing back that bought state bonds and then the rent went up so they lost some money… if there wasnt a panic of withdraw no one would have even noticed and they had restructured and made it back over a few years… hardly anything special
You gotta be proud that you are making history now! For you personally, All you can lose is the damn weight of yours! So be lighter heart!
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