From Fortune, March 10:
Silicon Valley Bank, a lender that was a fixture in the venture capital space for decades, collapsed on Friday. The California Department of Financial Protection and Innovation closed SVB and named the FDIC as the receiver. The trouble started on Wednesday after SVB suddenly announced a plan to raise billions in capital to cover big losses, setting off widespread panic among investors and the tech founders they backed. Shares of the company fell by around 60% in Thursday trading, another 20% in aftermarket trading, and were halted at the open on Friday. Hours later, amid reports that SVB was struggling to attract buyers in a sale, the government took control. In the run-up to all this, SVB’s proxy statement, filed earlier this month, reveals that the firm’s chief risk officer stepped away from her role early last year, and the bank did not hire a replacement until this past January.
Laura Izurieta stepped down from her role as CRO of SVB Financial Group in April 2022, and formally departed the company in October, according to an SVB proxy filing. The bank appointed her permanent successor as CRO, Kim Olson, in January of this year.
It is unclear how the bank managed risks in the interim period between the departure of one CRO and appointment of another. Representatives at SVB did not return Fortune’s request for comment....
....MUCH MORE
SIVB has quite a few positions available in various mid and lower-level risk management.The advertisements all begin with the tagline:
BE PART OF A BANK LIKE NO OTHER.When you work with the world's most innovative companies, you know you're making a difference.
More seriously: Why did the former Chief Risk Officer, Ms. Izurieta, resign?
