Prior to the Lehman Brothers collapse, Joseph Gentile was its CFO until 2007 when he left and became Silicon Valley Bank's Chief Administrative Officer.
seizing control of SVB, the bank disclosed mounting losses, and shares plummeted more than 60% before being halted. The bank was in the middle of a liquidity crisis after announcing plans for a $1.25 billion stock sale with little interest.
Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. Federal Deposit Insurance Corporation.According to the FDIC, SVB was among the top 20 American commercial banks, with $209 billion in total assets at the end of 2022. This is the second-largest bank to close in the U.S. since 2008. Lehman Brothers' Global Investment Bank was also impacted in the 2008 financial meltdown.
A worker carries a box out of the U.S. investment bank Lehman Brothers offices in the Canary Wharf district of London in this September 15, 2008 file photo.was the fourth-largest investment bank in the United States with 25,000 employees worldwide. It had $639 billion in assets and $613 billion in liabilities.
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