The last few days have been turbulent for the American banking sector. The FDIC took control of Silicon Valley Bank on Friday. Over the weekend, the FDIC took control of Signature Bank. On Monday, fears of a chain reaction caused the stock prices of other regional banks to drop sharply.
What makes the current crisis so unusual is how quickly everything happened and how quickly trust in banks that were once respected just vanished. A week ago, many experienced people saw SVB as a secure and steady organisation. With total assets of $209 billion, SVB is the 16th largest bank in the country.
My focus is on Greg Becker, the former chief executive officer of Silicon Valley Bank. The administration sacked Becker and other high-ranking SVB employees over the weekend. But what exactly is Greg Becker’s net worth?
What Is The Net Worth Of Greg Becker?
Greg Becker is the chief executive officer of Silicon Valley Bank and SVB Financial Group. He had previously served in a number of managerial capacities before being named as the CEO in 2011. Before that, he established SVB Capital, which today oversees a number of the most successful investment funds (both indirect and direct) in the world.
Greg Beck was born in the USA. Not little is known about his upbringing, parents, or early life. The Kelley School of Management at Indiana University is where he earned his bachelor’s degree.
The projected wealth of Greg Becker as of 2023, is $38.2 million. Mr. Becker has sold SIVBP shares worth over $25,356,607 during the past 19 years, while he has held over 12,451 SVB shares worth over $2,118,961. In addition to his salary at SVB, where he serves as president, CEO, and director, he gets $10,677,500 year.
An Insider At SVB Claims That Staff Members Are Frustrated With The CEO
IT workers are casting fingers at SVB CEO Greg Becker for the bank’s demise, which made it the second-biggest US banking failure in history.
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A member of Silicon Valley Bank’s staff who spoke on the condition of anonymity was astonished by Becker’s decision to publicly admit the bank’s financial issues while simultaneously making secret arrangements to secure the funding necessary to survive the storm.
This set the stage for the panic that followed as people rushed to get their money out of the bank.
The Silicon Valley Bank asset manager employee said,“That was absolutely idiotic,” according to CNN. “They were being very transparent. It’s the exact opposite of what you’d normally see in a scandal. But their transparency and forthright-ness did them in.”
After announcing a $1.8 billion loss, Becker and his leadership team disclosed late Wednesday night that they hoped (but made no definite commitment) to raise $2.25 billion in capital and sell $21 billion in assets. You can check the official tweet by More Perfect Union in which Greg Becker, CEO of Silicon Valley Bank, personally lobbied to weaken regulations after 2008.
Being a major lender to Silicon Valley’s tech entrepreneurs, this revelation sent shock waves throughout the region. Investors fled in fear as Silicon Valley Bank’s stock dropped 60% on Thursday, with $42 billion being taken out of the bank’s accounts, as reported in documents filed with California authorities.
Almost $958 million was withdrawn from Silicon Valley Bank’s cash account by the end of business that day.
“People are just amazed at how foolish the CEO is,” the Silicon Valley Bank insider claimed. “You’re in business for 40 years and you are telling me you can’t raise $2 billion privately? Get on a jet and fly to Kuwait like everyone else and give them control of one-third of the bank.”
Becker reportedly apologised to staff, but Silicon Valley Bank did not reply to demands for comment.
On Friday, Becker sent a video to employees in which he said, “It’s with an incredibly heavy heart that I’m here to deliver this message,” as reported by Reuters. “I can’t imagine what was going through your head and wondering, you know, about your job, your future.” You can also see the message of Greg Becker to the employees of SVB in the tweet below.
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