The former chief executive of the failed Silicon Valley Bank plans to tell Congress that no bank could have survived its unprecedented deposit flight, which led to its closure by federal regulators and raised questions about the U.S. financial system.
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“I do not believe that any bank could survive a bank run of that velocity and magnitude,” he is expected to say. By the end of last year, SVB had “roughly 1,000 people with all, or the majority, of their responsibilities focused on risk management of some type,” according to Becker’s statement. At the time, the White House cited reports that Becker had sold more than $2 million in SVB shares about two weeks before it failed.
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