As Silicon Valley Bank's collapse was first unfolding, a belated revelation colored some of the chaos: The bank spent most of last year without a chief risk officer, and the one who left sold more than $4 million worth of Silicon Valley Bank stock. bank before leaving.
The new CRO, Kim Olson, who joined in January 2023, was on the job for just three months before regulators shut down the bank. Now sources say Olson and at least one other executive will also be leaving SVB. SVB's chief audit executive will also leave the business.
The exit comes just two weeks after First Citizens Bank bought a $72.000 billion piece of SVB. The recent departures add to a string of executive departures, including former chief executive Greg Becker and chief financial officer Daniel Beck, who left when regulators took over the bank.
SVB and Olson did not respond to further comment on Olson's departure. Employees at the newly combined institution still don't know who the new chief risk officer will be. One potential successor is First Citizens CRO Lorie Rupp, who has been in office since 2017.
Talent moves are sure to continue as a natural part of SVB's transition to the new ownership. It's been just over a month since the regulators shut down Silicon Valley Bank.
Today, HSBC USA announced that it has hired 40 SVB bankers to help build a new offering "dedicated to the innovation economy," according to a statement. The bank has poached veteran SVB talent, including head of business development Sunita Patel, head of life sciences and healthcare Katherine Andersen, head of banking technology and healthcare David Sabow and head of solutions for technology credit Melissa Stepanis, who will oversee technology.
Why do banks keep hiring these women who have no substantive market risk management or capital markets experience? What CRO do you think you're getting?