SVB Collapse
SVB’s Lack of Risk Officer Emerges as Focus in Fed Probe
- Bank didn’t have a chief risk officer for most of last year
- Previous CRO left in April 2022 with $2.5 million pay package
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Silicon Valley Bank’s lack of a chief risk officer for much of last year is being examined by the Federal Reserve as part of its probe of the bank’s failure, two people familiar with the matter said.
SVB revealed in a 2023 proxy statement that Chief Risk Officer Laura Izurieta left the company in October but stopped performing the role in April. The company said Kim Olson took over the job in December. Olson is based in New York, across the country from most of the rest of SVB’s top brass.