Business as usual at Silicon Valley Bank: New CEO

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Tim Myopoulos has been appointed as the new CEO of Silicon Valley Bank (SVB), America’s 16th largest lender. SVB is conducting business as usual, he said in a letter to the bank’s customers on Monday (March 13) local time.

Prior to this, the US Federal Deposit Insurance Corporation re-launched operations under the name of Silicon Valley Bank NA. The Federal National Mortgage Association (FNMA) is commonly known as Fannie Mae. Its former head, Tim Myopoulos, was given responsibility for the defunct firm.

Read more> The Economist’s analysis / What measures America is taking to prevent bank failure?

The regulator moved all Silicon Valley Bank deposits to this newly created ‘bridge bank’. It was earlier said that all depositors will have access to their money transactions from Monday morning.

In a letter issued to customers, Maiopoulos said the bank authorities will provide more information as soon as possible.

Read more> Silicon Valley Bank closure / What does it mean for US financial management?

In that letter, Tim said, ‘I look forward to getting to know the customers of Silicon Valley Bank…. I have also come to this role with the experience of such situations. I was part of the new team that joined Fannie Mae in 2008-2009 in the wake of the financial crisis. I served as CEO of Fannie Mae from 2012 to 2018.’

Another popular US bank closed after Silicon Valley Bank went bankrupt. Signature Bank of New York closed on Sunday (March 12). The government acquired all his money and documents like silicon.

Read more> The United States is giving importance to the formation of fund to prevent the closure of Silicon Valley banks / disaster

After that, the Biden administration faltered. US President Joe Biden, in response to the failure of Signature Bank after Silicon Valley, vowed to take action against those responsible for the bank disaster. The US president said Treasury Secretary Janet Yellen and the director of the National Economic Council were working with banking regulators to reach a solution to protect the US financial system.

“I am happy that they have reached a solution that will protect workers, small businesses, taxpayers and financial management,” he added.

Source: Reuters


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Michael Fried

Hello there, I'm Michael Fried, and I'm a news author at TheTopDailyNews. I've been covering a wide range of topics for years, from politics and finance to technology and human interest stories.

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