SVB executive was Lehman Brothers CFO
image for illustrative purpose
New York: Silicon Valley bank (SVB) executive, Jospeph Gentile, was a former executive of the Lehman Brothers' Global Investment Bank prior to the bank’s public collapse in 2008, the media reported.
Prior to joining SVB as Chief Administrative Officer, Gentile worked as Chief Financial Officer (CFO) at Lehman Brothers’ Global Investment Bank. Gentile left Lehman in 2007, just one year before it went bankrupt in 2008, Fox Business reported. “You can’t make this up,” one Twitter user wrote as the internet erupted at the revelation. “This is truly unusual” another user added.
"It's all starting to make sense now!" another wrote.
Prior to the Federal Deposit Insurance Corporation (FDIC) seizing control of SVB, the bank disclosed mounting losses, and shares plummeted more than 60 per cent before being halted. The bank was in the middle of a liquidity crisis after announcing plans for a $1.25 billion stock sale with little interest. According to the FDIC, SVB was among the top 20 American commercial banks, with $209 billion in total assets at the end of 2022eported.
This is the second-largest bank to close in the US since 2008.
