Svb, Commercial banking company

New York, March 12 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 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 2022, Fox Business reported.This is the second-largest bank to close in the US since 2008. Lehman Brothers' Global Investment Bank was also impacted in the 2008 financial meltdown.At the time of its collapse, Lehman was the fourth-largest investment bank in the US with 25,000 employees worldwide. It had $639 billion in assets and $613 billion in liabilities.Investor and "Shark Tank" star Kevin O' Leary reacted to the SVB collapse blaming it on poor management.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

SvbFOLLOW

Svb, Latest News

International :US Treasury Secretary Yellen rules out bailout for bankrupt Silicon Valley Bank

US Treasury Secretary, Janet Yellen has ruled out a bailout from the federal government for the now-collapsed Silicon Valley ... ...

Business :MoS Rajeev Chandrasekhar to meet Indian startups to discuss Silicon Valley Bank crisis

Union minister Rajeev Chandrasekhar said he will meet Indian startups this week to understand the impact of SVB Financial's ... ...

International :Confused with US's SV Bank crisis, besieged SVC Bank threatens legal action

Mumbai, March 12 Hours after the crisis affecting the Silicon Valley Bank (SVB), the US, hit the headlines, ... ...

Technology :SVB executive was Lehman Brothers CFO prior to 2008 collapse

New York, March 12 Silicon Valley bank (SVB) executive, Jospeph Gentile, was a former executive of the Lehman ... ...