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, Mr 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.
Mr 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.
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.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
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Red card: Alisson (Liverpool)
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Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
The Voice of Hind Rajab
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UAE currency: the story behind the money in your pockets
