Tim Mayopoulos named CEO of Silicon Valley Bank after collapse

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Greek American banker, Tim Mayopoulos, has been named the new Chief Executive Officer (CEO) of Silicon Valley Bank (SVB).

SVB collapsed last week crippling stocks and raising concerns over possibly affecting the global markets.

The bank is now under federal government control after becoming the second-largest bank failure in the history of the United States. US President, Joe Biden, has since reassured Americans about the safety of the banking system.

Tim Mayopoulos. Photo: Rich Clement/Bloomberg

Mayopoulos was named CEO of the newly created entity, Silicon Valley Bank N.A, after the regulator took control of SVB.

“I look forward to getting to know the clients of Silicon Valley Bank… I also come to this role with experience in these kinds of situations,” Mayopoulos said in a letter to clients after his appointment.

Source: Time.

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