Silicon Valley Bank 'conducting business as usual', new CEO says

A security guard speaks with a client outside the Silicon Valley Bank office in New York, US, on Friday, March 10, 2023. Photographer: Jeenah Moon/Bloomberg

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 Reuters.

Earlier in the day, the U.S. Federal Deposit Insurance Corporation had tapped former Fannie Mae head Mayopoulos as CEO of the newly created entity, named Silicon Valley Bank N.A, after the regulator took control of SVB following its collapse that crippled stocks and triggered concerns of a contagion throughout global markets.