SVB CEO Becker addresses staff with ‘heavy coronary heart’ in video


By Lananh Nguyen and Pete Schroeder

NEW YORK (Reuters) -Greg Becker, the chief government of SVB Monetary Group, despatched a video message to staff acknowledging the “extremely troublesome” 48 hours main as much as the collapse of its Silicon Valley Financial institution on Friday.

“It is with an extremely heavy coronary heart that I am right here to ship this message,” he mentioned in a video seen by Reuters. “I am unable to think about what was going by your head and questioning, you already know, about your job, your future.”

The Federal Deposit Insurance coverage Corp was named receiver of Silicon Valley Financial institution after California banking regulators closed it on Friday.

Whereas the FDIC has taken management of the lender, Becker mentioned he’s working with banking regulators to discover a accomplice for the financial institution, however there’s “no assure” a deal might be struck.

Becker wore a black zip-up jacket with a brand from Gleneagles, a luxurious golf resort in Scotland, and spoke from a room framed by darkish cupboards.

He requested staff to “dangle round, attempt to assist one another, attempt to assist our purchasers, work collectively” to get a greater consequence for the corporate.

“Thanks, and my coronary heart is with you,” he mentioned.

(Reporting by Lananh Nguyen in New York and Pete Schroeder in Washington; Enhancing by Megan Davies, Sandra Maler)