SVB's new CEO urges clients to 'help us rebuild our deposit base'
Publishing timestamp: 2023-03-14 13:34:34
Summary
The new CEO of Silicon Valley Bridge Bank, Tim Mayopoulos, has sent an email to clients urging them to move their deposits back to the bank after it was seized by regulators last week. Over $40 billion in deposits had left the bank after a mid-quarter report showed it had sold $21 billion worth of securities at a loss. Mayopoulos assured clients that both fresh inflows and existing deposits were fully protected by the FDIC. The bank's failure was the second-largest ever for a US bank, but federal regulators intervened over the weekend to guarantee that depositors would not suffer losses.
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Keywords: svb financial group, business news, technology, banks, breaking news,
Source: https://www.cnbc.com/2023/03/14/svbs-new-ceo-urges-clients-to-help-us-rebuild-our-deposit-base-.html