As Silicon Valley Bank’s collapse was first unfolding, a belated revelation colored some of the chaos: The bank spent most of last year without a chief risk officer, and the one who left sold more than $4 million worth of stock. from the bank before leaving.
The new CRO, Kim Olson, who joined in January 2023, was on the job for just three months before regulators shut down the bank. Now, sources tell TechCrunch that Olson and at least one other executive will also be leaving SVB. The sources said that SVB’s chief audit executive will also leave the business.
The exit comes just two weeks after First Citizens Bank bought a $72 billion piece of SVB. The recent departures add to a string of executive departures, including former chief executive Greg Becker and chief financial officer Daniel Beck, who left when regulators took over the bank.
SVB and Olson did not respond to TechCrunch’s request for further comment on Olson’s departure. Employees at the newly combined institution still don’t know who the new chief risk officer will be. One potential successor is First Citizens CRO Lorie Rupp, who has been in office since 2017.
Talent moves are sure to continue as a natural part of SVB’s transition to the new ownership. It’s been just over a month since regulators shut down Silicon Valley Bank.
Today, HSBC USA announced that it has hired 40 SVB bankers to help build a new offering “dedicated to the innovation economy,” according to a statement sent to TechCrunch. The bank has poached veteran SVB talent, including head of business development Sunita Patel, head of life sciences and healthcare Katherine Andersen, head of banking technology and healthcare David Sabow and head of solutions for technology credit Melissa Stepanis, who will oversee technology.
If you have a juicy tip or a clue about what’s happening in the corporate world, you can reach out to Natasha Mascarenhas on Twitter. @nmasc_ or on Signal at +1 925 271 0912. Requests for anonymity will be respected.
