As the collapse of Silicon Valley Bank first unfolded, a belated revelation colored some of the chaos: The bank spent most of last year without a chief risk officer, and whoever left sold more than $4 million. stock in the bank before he left.
The new CRO, Kim Olson, who joined in January 2023, was in office for just three months before the bank was shut down by regulators. Now sources tell businessroundups.org that Olson and at least one other executive will also be leaving SVB. Sources said SVB’s chief audit executive is also leaving the company.
The departure comes just two weeks after a $72 billion piece of SVB was purchased by First Citizens Bank. The recent departures come on top of a series of executive exits, including former CEO Greg Becker and CFO Daniel Beck, who left when the bank was taken over by regulators.
SVB and Olson did not respond to businessroundups.org’s request for further comment on Olson’s departure. Employees of the newly merged institution do not yet know who will be the new chief risk officer. A possible successor is First Citizens CRO Lorie Rupp, who has been in the position since 2017.
Talent moves will certainly continue as a natural part of SVB’s transition to new ownership. It’s been a little over a month since Silicon Valley Bank was shut down by regulators.
Today, HSBC USA announced it has hired 40 bankers from SVB to help build a new offering “dedicated to the innovation economy,” according to a statement to businessroundups.org. The bank has snagged veteran SVB talent, including chief business development officer Sunita Patel, head of life science and healthcare Katherine Andersen, head of tech and healthcare banking David Sabow, and head of technology credit solutions Melissa Stepanis who will oversee technology.
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