"SVB, for instance, found itself with some $16 billion in unrealized losses from long-dated Treasurys it held. As yields rose, it eroded the principle value of those bonds and created liquidity issues for the bank, long a favorite of high-flying tech... — read more
The zero-interest rate fantasy world is ending and there will be more casualties
Related: https://novum.substack.com/p/what-if-worldview-zero-interest-rates "What if your entire worldview was just because of near-zero interest rates?"
Silicon Valley Bank 'conducting business as usual', new CEO says
March 13 (Reuters) - Silicon Valley Bank's new boss Tim Mayopoulos on Monday told clients that the lender is open and conducting business as usual, according to a letter seen by... — read more
What does this mean for us?
We had the 45 days at 1.5x, now normal pay, but for how long? Is this bridge bank still a temporary thing while we cross our fingers for a buyer, or could SVB actual recover?
Let's pretend we couldn't see it coming...again...
Silicon Valley Bank staff offered 45 days of work at 1.5 times salary
My View Following Saved 2 minute readMarch 11, 20237:23 AM PSTLast Updated 29 min ago Silicon Valley Bank staff offered 45 days of work at 1.5 times salary By Lananh Nguyen and Pete Schroeder A locked door to a Silicon Valley Bank location on Sand... — read more
Appreciate SVB Leadership
As a JPMORGAN employee, I want to thank SVB for all the times they rejected my application. You are appreciated.
Will we even be getting paychecks next week?
Should I even bother to show up??? I'm thinking ... no :-/
SVB imploded fairly spectacularly. It didn't make it to the close of business Friday afternoon, which is when the FDIC usually likes to shut banks down. Fair to say this will have a negative impact in SV. Lets hope the damage is contained.
Here’s how the second-biggest bank collapse in U.S. history happened in just 48 hours
Is SVB becoming the new Wells Fargo?
As people flee from Wells Fargo it seems like SVB is quick to scoop them up. The culture at SVB was really good but feels like it's becoming tainted by hiring so many WF people!
Layoffs in Works (2022)?
What happens if a recession hits really hard? Is the IT group going to be hit?
Layoff from svb IT GDB group in mid 2017
Laid off at least 10 people from GDB group and majority are engineers. Lay off happened because management spent unnecessary money and higher a lot of contractors from favorite companies. Severance was good atleast 3 months of salary and 3 weeks of... — read more