Click here to read the full article.
A familiar face from a past economic disaster could be on the verge of profiting off the current Silicon Valley Bank calamity.
SVB, taken over by the Federal Deposit Insurance Corporation at the request of California regulators, is arguably the second-biggest bank failure of its kind in America — but that clearly doesn’t mean there aren’t ways to capitalize off of its collapse.
According to a report from Bloomberg, the managers of the investment banking arm of Silicon Valley Bank, SVB Securities, are seeking a “management buyout of the business.”
They are reportedly looking to expedite a deal because regulators are looking for a buyout of the remnants of SVB Financial Group.
SVB Securities, its own separate entity, is concerned about hemorrhaging talent due to the bank’s collapse.
Bloomberg noted that SVB has “spent heavily in recent years hiring talent across Wall Street to build a competitive investment banking franchise.”
Indeed, looking at SVB Securities’s “About” page reveals a list of impressive careers and résumés up and down its roster of C-level executives, including that of SVB Securities Chief Administrative Officer, Joseph Gentile.
Continue reading here.
Scroll down for comments and share your thoughts!
GIPHY App Key not set. Please check settings