Former CEO of Silicon Valley Bank Apologizes for Bank’s Collapse in Congressional Testimony

05/15 22:26

Former CEO of Silicon Valley Bank, Greg Becker, has apologized for the bank's collapse in congressional testimony, citing rising interest rates and mounting withdrawal requests as key causes. 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 its 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 before the Senate Banking Committee on Tuesday at 10 a.m. EDT (1400 GMT).

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