Silicon Valley Bank’s chief risk officer quit months after taking the job

As Silicon Valley Financial institution’s collapse unfolded for the primary time, a belated announcement added some colour to the chaos: The financial institution spent a lot of final 12 months with out being chief threat officer, promoting greater than $4 million of shares within the financial institution earlier than leaving.

The brand new CRO, Kim Olson, who joined in January 2023, had been in workplace for simply three months earlier than the financial institution was shut down by regulators. Now, sources inform TechCrunch that Olson and at the very least one different government have additionally left SVB. Sources stated that SVB’s chief audit government additionally give up.

The departure comes simply two weeks after First Residents Financial institution purchased a $72 billion portion of SVB. Latest departures have topped quite a few government exits, together with former CEO Greg Becker and CFO Daniel Beck, who left when the financial institution was taken over by regulators.

SVB and Olson didn’t reply to TechCrunch’s request for additional touch upon Olson’s departure. Staff on the newly merged group don’t but know who the brand new chief threat officer can be. One potential successor is First Residents’ CRO, Lorie Rupp. In the role since 2017.

Expertise strikes are sure to proceed as a pure a part of SVB’s transition to new possession. It has been just a little over a month since Silicon Valley Financial institution was shut down by regulators.

HSBC USA introduced right this moment that it has employed 40 bankers from the SVB to assist create a brand new providing “devoted to the innovation economic system,” in accordance with a press release posted to TechCrunch. The financial institution has missed out on senior SVB expertise, together with chief enterprise growth officer Sunita Patel, head of Life Sciences and healthcare Katherine Andersen, head of know-how and healthcare banking David Sabow, and head of know-how mortgage options Melissa Stepanis, who will oversee the know-how.

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