Former SVB employees blame a combination of remote work, an over-focus on social issues, and a lack of risk management for the bank's collapse. Analysts are taking aim at the bank's work culture, noted to be far less strict & competitive than its rivals.
Amid the collapse of the former financial institution, analysts are taking aim at the bank's work culture, which was noted to be far less strict and competitive than its rivals, according to a Financial Times report. Employees gave a variety of answers as to what they believed was the primary issue with the bank's culture, but the most common answer was the prevalence of remote work and its effect on productivity.“It is harder to have a challenging call over Zoom.
“Some people worked from Miami, some moved to Las Vegas or a cabin in the woods and did the digital nomad thing,” a former banker told the outlet. “This is a West Coast bank that operates at the heart of innovation and is ... empathetic and dependent on relationships,” a former executive said. “It is not cutthroat like Goldman Sachs.”
“It was not the abrasive, roll-up-your-sleeves culture of Wall Street. ... Working at SVB felt more like working at a tech company than it did like working at a bank,” a former banker said.
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