Salem Radio Network News Tuesday, March 28, 2023


Silicon Valley Bank CEO sends message to employees with ‘heavy heart’

By Lananh Nguyen and Pete Schroeder

NEW YORK (Reuters) – Greg Becker, the chief executive officer of Silicon Valley Bank, sent a video message to employees acknowledging the “incredibly difficult” 48 hours leading up to its collapse on Friday.

“It’s with an incredibly heavy heart that I’m here to deliver this message,” he said in the video seen by Reuters.

While the Federal Deposit Insurance Corporation has taken control of the lender, Becker said he is working with banking regulators to find a partner for the bank.

There is “no guarantee” that a deal will be struck, he said.

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


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