“We pride ourselves on being the best financial partner in the most challenging times,” SVB Financial Group’s chief executive officer Greg Becker told the Upfront Summit on March 1, a day before his firm was up for Bank of the Year honors at a London gala.
Just a week later, it all fell apart.
But its fate was sealed years ago — during the height of the financial mania that swept across America when the pandemic hit.
US venture capital-backed companies raised $330 billion in 2021 — almost doubling the previous record a year before. Cathie Wood’s ETFs were surging and retail traders on Reddit were bullying hedge funds.
Crucially, the Federal Reserve pinned interest rates at unprecedented lows
Brian Chappatta Bloomberg 10 mars 2023
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