4 ms·

I think the article is about the SVB Securities subsidiary (an investment bank) spinning off itself with a management buy-out. Sadly this is not about the main

I think the article is about the SVB Securities subsidiary (an investment bank) spinning off itself with a management buy-out. Sadly this is not about the main bank and will not save it. Sort of ejection pod for investment bankers tied to the mothership and deciding it is time to separate… (edited: typo)

zxspectrum1982 4y ago
This makes sense
- funstuff007 4y ago
  in the same way repealing Glass Steagall did not make sense.
  - pksebben 4y ago
    Fun fact: the Volcker rule, which was like the diet glass steagall from 2008, was declawed a couple years ago. This is what happens when you limit liability and bail these people out.
lobstersammich 4y ago
Yes, SVB Securities is a separate entity from SVB, the bank. See this press release from PRNewswire: https://www.prnewswire.com/news-releases/svb-securities-continues-its-independent-operations-unimpeded-by-silicon-valley-banks-receivership-proceedings-301769597.html https://www.prnewswire.com/news-releases/svb-securities-cont... SVB Securities LLC recently - at the beginning of last month - changed its name from SVB Leerink LLC to SVB Securities LLC: https://www.svb.com/de/news/company-news/svb-leerink-llc-announces-company-name-change-to-svb-securities-llc https://www.svb.com/de/news/company-news/svb-leerink-llc-ann... The Wikipedia page states that SVB Securities' leadership plans to buy back the company from its parent org, SVB (the bank): https://en.wikipedia.org/wiki/SVB_Securities https://en.wikipedia.org/wiki/SVB_Securities It's sloppy reporting in this article that the reporter mixes up SVB, the bank, with SVB Securities; Joe Gentile is the CAO (Chief Administrative Officer) of SVB Securities / Leerink: - https://www.svbsecurities.com/team/joseph-gentile/ https://www.svbsecurities.com/team/joseph-gentile/ - https://news.yahoo.com/silicon-valley-bank-exec-lehman-000556735.html https://news.yahoo.com/silicon-valley-bank-exec-lehman-00055... Note that 'Yahoo! News' - f/k/a the Verizon Media Group - was bought by Apollo Capital Management a few years ago, so perhaps Apollo is short SVB and that's why 'Yahoo! News' is amplifying this narrative about the CAO having worked at Lehman until 2007; recall that Lehman imploding in 2008 is largely seen as one of the catalysts for the 2008 Global Financial Crisis.

zxspectrum1982 4y ago

This makes sense

funstuff007 4y ago
in the same way repealing Glass Steagall did not make sense.
- pksebben 4y ago
  Fun fact: the Volcker rule, which was like the diet glass steagall from 2008, was declawed a couple years ago. This is what happens when you limit liability and bail these people out.

lobstersammich 4y ago

Yes, SVB Securities is a separate entity from SVB, the bank. See this press release from PRNewswire: https://www.prnewswire.com/news-releases/svb-securities-continues-its-independent-operations-unimpeded-by-silicon-valley-banks-receivership-proceedings-301769597.html https://www.prnewswire.com/news-releases/svb-securities-cont... SVB Securities LLC recently - at the beginning of last month - changed its name from SVB Leerink LLC to SVB Securities LLC: https://www.svb.com/de/news/company-news/svb-leerink-llc-announces-company-name-change-to-svb-securities-llc https://www.svb.com/de/news/company-news/svb-leerink-llc-ann... The Wikipedia page states that SVB Securities' leadership plans to buy back the company from its parent org, SVB (the bank): https://en.wikipedia.org/wiki/SVB_Securities https://en.wikipedia.org/wiki/SVB_Securities It's sloppy reporting in this article that the reporter mixes up SVB, the bank, with SVB Securities; Joe Gentile is the CAO (Chief Administrative Officer) of SVB Securities / Leerink: - https://www.svbsecurities.com/team/joseph-gentile/ https://www.svbsecurities.com/team/joseph-gentile/ - https://news.yahoo.com/silicon-valley-bank-exec-lehman-000556735.html https://news.yahoo.com/silicon-valley-bank-exec-lehman-00055... Note that 'Yahoo! News' - f/k/a the Verizon Media Group - was bought by Apollo Capital Management a few years ago, so perhaps Apollo is short SVB and that's why 'Yahoo! News' is amplifying this narrative about the CAO having worked at Lehman until 2007; recall that Lehman imploding in 2008 is largely seen as one of the catalysts for the 2008 Global Financial Crisis.