Stock Market News

Silicon Valley Bank ‘conducting business as usual’, new CEO says

2023.03.13 23:09


© Reuters. Customers wait in line outside a branch of the Silicon Valley Bank in Wellesley, Massachusetts, U.S., March 13, 2023. REUTERS/Brian Snyder

(Reuters) – Silicon Valley Bank’s new boss Tim Mayopoulos on Monday told clients that the lender is open and conducting business as usual, according to a letter seen by Reuters.

Earlier in the day, the U.S. Federal Deposit Insurance Corporation had tapped former Fannie Mae head Mayopoulos as CEO of the newly created entity, named Silicon Valley Bank N.A, after the regulator took control of SVB following its collapse that crippled stocks and triggered concerns of a contagion throughout global markets.

The regulator transferred all deposits of Silicon Valley Bank to this newly created bridge bank and had said all depositors will have access to their money beginning Monday morning.

In the letter to clients, Mayopoulos said that the bank will provide more information as soon as it was available.

“I look forward to getting to know the clients of Silicon Valley Bank…I also come to this role with experience in these kinds of situations. I was part of the new leadership team that joined Fannie Mae in the wake of the financial crisis in 2008-09, and I served as the CEO of Fannie Mae from 2012-18,” Mayopoulos added in the letter.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 98,643.43 0.54%
ethereum
Ethereum (ETH) $ 3,475.06 2.01%
tether
Tether (USDT) $ 1.00 0.10%
solana
Solana (SOL) $ 255.68 0.50%
bnb
BNB (BNB) $ 674.16 0.56%
xrp
XRP (XRP) $ 1.51 4.63%
dogecoin
Dogecoin (DOGE) $ 0.435446 1.00%
usd-coin
USDC (USDC) $ 0.999798 0.07%
cardano
Cardano (ADA) $ 1.06 1.65%
staked-ether
Lido Staked Ether (STETH) $ 3,479.92 2.17%
avalanche-2
Avalanche (AVAX) $ 46.74 12.21%
tron
TRON (TRX) $ 0.211663 1.27%
stellar
Stellar (XLM) $ 0.53927 5.38%
the-open-network
Toncoin (TON) $ 6.23 0.82%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 1.04%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,093.46 1.48%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,431.37 0.48%
polkadot
Polkadot (DOT) $ 9.14 3.16%
chainlink
Chainlink (LINK) $ 18.59 6.91%
bitcoin-cash
Bitcoin Cash (BCH) $ 524.00 3.29%
weth
WETH (WETH) $ 3,473.58 2.09%
sui
Sui (SUI) $ 3.47 0.92%
pepe
Pepe (PEPE) $ 0.00002 0.43%
near
NEAR Protocol (NEAR) $ 6.90 5.59%
leo-token
LEO Token (LEO) $ 8.20 5.76%
litecoin
Litecoin (LTC) $ 98.45 1.06%
uniswap
Uniswap (UNI) $ 11.75 6.39%
aptos
Aptos (APT) $ 12.76 1.37%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,664.18 2.15%
internet-computer
Internet Computer (ICP) $ 12.29 6.73%
hedera-hashgraph
Hedera (HBAR) $ 0.147277 2.25%
usds
USDS (USDS) $ 1.00 0.03%
crypto-com-chain
Cronos (CRO) $ 0.192832 1.11%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.58235 2.40%
ethereum-classic
Ethereum Classic (ETC) $ 30.12 2.23%
render-token
Render (RENDER) $ 8.20 3.22%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.54 1.74%
bittensor
Bittensor (TAO) $ 537.44 0.32%
kaspa
Kaspa (KAS) $ 0.156641 2.66%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.16%
arbitrum
Arbitrum (ARB) $ 0.889458 2.35%
vechain
VeChain (VET) $ 0.044069 1.79%
bonk
Bonk (BONK) $ 0.000047 2.44%
whitebit
WhiteBIT Coin (WBT) $ 24.44 1.21%
filecoin
Filecoin (FIL) $ 5.79 0.71%
dai
Dai (DAI) $ 0.999161 0.14%
cosmos
Cosmos Hub (ATOM) $ 8.80 1.88%
celestia
Celestia (TIA) $ 8.05 11.62%
blockstack
Stacks (STX) $ 2.25 7.52%
okb
OKB (OKB) $ 56.15 0.90%