SVB’s 44-Hour Collapse Was Rooted in Treasury Bets During Pandemic
- Largest bank failure since 2008 rooted in bad bets on rates
- Leaders who recently showed confidence now seeking quick deal
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Greg Becker sat in a red armchair at an invite-only conference in Los Angeles last week, legs crossed, one hand cutting through air.
“We pride ourselves on being the best financial partner in the most challenging times,” SVB Financial Group’s chief executive officer told the Upfront Summit on March 1, a day before his firm was up for Bank of the Year honors at a London gala.