Silicon Valley Bank’s collapse was not imminent before its chief risk officer left, but the appearance of a belated disclosure only heightened 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 stock in the bank before departing. In light of this information, it is no wonder that Silicon Valley Bank’s collapse came as such a surprise to many. The vacant seat at the top led to an increased level of risk within the bank and ultimately led to its downfall.
Olson and the other executive are said to be leaving SVB as regulators close the bank down in March. The chief audit executive is also said to be leaving because of the company’s poor performance and mounting losses.
The recent departures underscore the challenges that First Citizens Bank is facing as it tries to Transition from an old-school SAVB into a more modern bank. The string of executive exits points to a lack of leadership at the company, which could hamper its ability to meet regulatory standards and compete in the fiercely competitive banking market.
After months of speculation, it has been confirmed that Scott Olson has left his position as chief risk officer at SVB. Employees at both institutions are still in the dark about who will take over the role, but Lorie Rupp – First Citizens’ current CRO – is a potential successor. Rupp has been overseeing risk management for the past two years and employees believe she would be a great pick to fill Olson’s shoes.
There is no doubting that talent moves are sure to continue as a natural part of SVB’s transition to new ownership. With the high-quality employees now working for one of Silicon Valley Bank’s former competitors, there are bound to be some big name talent grabs in the coming months.
HSBC USA’s move to become more involved in the innovation economy reflects a larger trend among banks. Banks are recognizing that the Innovation Economy is one of the most promising growth areas and they want to be a part of it. This hiring spree by HSBC signals that the bank is serious about becoming a leader in this space.
According to a recent study conducted by the National Venture Capital Association, female-led startups are becoming more and more popular. This suggests that female founders are succeeding in the venture capital world, which is great news for the industry as a whole. However, there is still a lot of work to be done in order to level the playing field for female entrepreneurs. For instance, it’s still rare forfemale venture capitalists to invest in startups founded by women, and mentorship programs geared towards helpingfemale entrepreneurs advance their businesses are few and far between. With concerted effort from both female founders and VCs alike, we can help bridging this gap and see an even greater increase in women-led businesses
