- Greg Becker, former CEO of Silicon Valley Bank, was ousted by federal regulators after the bank's collapse due to its bond portfolio's vulnerability to rising interest rates.
- SVB was founded in 1983 as a regional California lender and became a powerhouse, banking half of all venture-backed tech and life sciences companies in the US by 2019.
- Becker, an avid cyclist, joined SVB in the 1990s and rose through its ranks to become CEO in 2011.
- One of SVB's hallmarks was its willingness to show leniency, providing a lifeline for a promising company between funding rounds, even if its performance was rocky.
- SVB's deposits reached $189bn by the end of 2021, but began to reverse as interest rates shot up, leading to problems in its bond portfolio.
Greg Becker, the long-standing SVB chief sunk by a turn in interest rates
The collapse of Silicon Valley Bank, which banked half of all venture-backed tech and life sciences companies in the US, was due to its bond portfolio's vulnerability to rising interest rates. Greg Becker, its former CEO, was ousted by federal regulators