Silicon Valley Bank collapse a ‘very unique’ failure: Gerard Cassidy
RBC Capital Markets head of U.S. bank equity strategy Gerard Cassidy and The Fitz-Gerald Group principal Keith Fitz-Gerald discuss the significance of Silicon Valley Bank imploding on ‘The Claman Countdown.’
The man at the helm of Silicon Valley Bank as operations came to an abrupt halt on Friday is a 30-year veteran of the firm.
Greg Becker started with the company as a loan officer and rose through the ranks during the dotcom bubble before he later steered the lender in the wake of the 2008 global financial crisis.
He became president and CEO of SVB Financial Group in 2011.
The company's operations abruptly came to a halt on Friday as California banking regulators shut the company in what became the largest bank failure since the financial crisis.
SILICON VALLEY BANK COLLAPSE MARKS WORST BANK FAILURE SINCE GREAT RECESSION