Silicon Valley Bank regulators failed to identify and assess fast-expanding risks and hazards that doomed the tech-oriented financial firm.
SANTA CLARA — Silicon Valley Bank regulators failed to identify and assess fast-expanding risks that ultimately doomed the collapsed financial high-flyer that catered to the tech sector, a new state report says.
Social media chatter and digital banking technology hastened the meltdown of Silicon Valley Bank, which in regulator shorthand is also known as SVB. “DFPI will review its internal staffing processes to ensure that additional staff members are assigned in a timely manner, commensurate with accelerated growth or increased risk profile for an institution, for banks with assets of more than $50 billion,” the state finance agency said in the report.
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