SVB chief executive addresses employees with 'heavy heart' after bank's collapse

Lender that funded start-ups was closed on Friday by California banking regulators

Greg Becker, chief executive of SVB, said he is working with banking regulators to find a partner for the bank. AFP
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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.

Updated: March 11, 2023, 7:06 AM