Over the past 2 weeks, Business Insider has conducted a series of interviews with a Silicon Valley Bank employee who gave a first-hand account of the million dollars this bank’s implosion on March 10 as experienced by rank-and-file staff. His identity is known to Business Insider, who agreed to remain anonymous due to the sensitivity of customer relations. His account has been edited to improve length and clarity. The messages I received the first weekend were like being at your own wake. “It has been wonderful to work with you.” “Silicon Valley Bank has been a great pillar of support.” These are the things people say about you when you’re no longer here. Now that we have passed through that moment, we are as if resurrected. In the best case scenario, which seems unlikely to me given the deterioration of the brand, we operate as a 100% subsidiary.
The most realistic hope is that they will sell to us
The tender has been opened to non-banking institutions. It closed on Friday. Deutsche Bank collapses on the stock market as doubts arise about the default on its debt and its fall drags down the entire European bank At first, management’s communication Jiangxi Mobile Number List was terrible , both with our clients and with us. We didn’t know what was going to happen to us. We didn’t know what we could say to the clients, and yet all the clients million dollars this called us. All transfers had stopped. Nobody could get money. We were on the front line. Now, my boss has assured that senior management will communicate with us more directly. My boss is part of what has been dubbed the “war room” of the Palo Alto, California office . It is the only office that has remained open during all of this. It’s where department heads sit down with the people at the Federal Deposit Insurance Corporation (FDIC) and try to figure it all out.
We didn’t receive an internal email from management
The product manager, the credit manager, and so on meet with them. In fact, we had no idea beforehand what was going to happen. My team found out that the FDIC had taken us over during an internal call when it was on the news . until a few minutes later. We had no way to prepare, we were kept in the dark. So there was shock, and also some tears. During the first UAE phone number list few days, our team’s biggest frustration was that no one was million dollars this telling us what we could say to our clients. It was never, “You’re not telling me what’s going to happen to me, personally.” The people who actually worked at SVB didn’t ask about their own homes, or their children’s college education, even though those things were also at risk. Until today, everyone has focused on customers. Selfish behavior, during that first week, did not exist. It was chaos. I ate a bagel a day and slept 2 or 3 hours a night.
