New SVB CEO Urges Top Venture Capital Clients To Move Deposits Back
Silicon Valley Bank's new Chief Executive Tim Mayopoulos on Tuesday urged the failed bank's top venture capital clients to move their deposits to its newly created bridge entity, people who attended a virtual meeting with him said.
The Federal Deposit Insurance Corporation (FDIC) appointed the former Fannie Mae CEO to head Silicon Valley Bridge Bank N.A. after the regulator took control of SVB. Its collapse last week crippled stocks and triggered concerns of a contagion throughout global markets.
SVB was a major lender for startups, serving as banking partner for...