That doesn't exist in traditional banking. Whether you've raised $5 million or you've raised $500 million, you have a dedicated person. They've been getting the red-carpet, silver-platter treatment at SVB. But now it's been a few days, and they don't have a person to call. Now I am hearing from former customers who rushed to open up accounts at Wells Fargo, Chase, JP Morgan, you name it, saying that the beginning was great in opening the accounts. The secret sauce of SVB has always been the people. It hasn't been complaints so much as questions - but not irate questions. I just don't know what I can do." My team has called, emailed, and texted hundreds of clients. And that makes you feel even shittier, because if someone is angry at you and being a jerk, you can think, "Whatever, there's only so much I can do." But everybody was so empathetic, so I was like "I really, really want to help you.
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Every call I've been taken has been full of empathy and support. Yet, I have not had a single frustrated or irate call with a customer. You would expect irate clients, because their money is stuck and their operations are stuck. We'd had so many clients tell us that they might have to shut down or cover payroll by borrowing with a personal guarantee. On Sunday, when the Fed said, "We'll make depositors whole," that was a huge sigh of relief for VCs trying to make payroll. Because if they're on board for support, that will help send a signal to the Fed or the FDIC to step in in some capacity. Our goal that first weekend was to get as many clients as we could on board. It was for an institution like SVB to exist, for the sake of the innovation economy. I wouldn't even say that they were rallying for SVB. Once they knew their money was safe again, other folks changed their tune.
Many folks had our back from the beginning. It's been amazing to see the VCs themselves rally and create this awareness. I think the number is at 630 supporters as of today. We spent a whole weekend on the phone, email, chat, any sort of way to get in touch with the VC firms, partners of the VC firms, operating partners, CFOs, anybody we could to try and get them to rally. Originally there was a list of 13 VC firms, which said they were willing to sign a statement saying that they supported us. The weekend after the FDIC takeover was crazy. The head of product, the head of credit, and so on are meeting with them. It's where the department heads are sitting down with the folks from the Federal Deposit Insurance Corporation, or FDIC, and trying to figure everything out. That is the only office that's remained open during all this. My boss is part of what's become known as the "war room" at the Palo Alto, California office. Now, my boss has said that top management will communicate with us more directly. We didn't know what we could say to clients, yet we had every client under the sun calling us. We didn't know what was going to happen to us. It closed on Friday.Īt first, the communication from management was dismal, both to our clients, and to us. The bidding has been opened up to non-bank institutions. The more realistic hope is that we get sold off. The best-case outcome, which I think is unlikely given the brand's tarnishing, is that we operate as a wholly owned subsidiary.
Now, we've gone through that moment, and we're kind of resurrected. "You were so wonderful to work with." "SVB has been such a great pillar of support." These are the kinds of things people say about you when you're no longer here! The messages I was getting that first weekend, it was like being at your own wake. Their account has been edited for length and clarity. Their identity is known to Insider, which agreed to keep them anonymous due to the sensitivity of client relationships.
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Over the last two weeks, Insider has conducted a series of interviews with an employee of Silicon Valley Bank who gave a firsthand account of the bank's March 10 implosion as experienced by rank-and-file staff. Rank-and-file employees felt that management did a "dismal" job of keeping them in the loop. The intensity meant two or three hours of sleep each night. Getty ImagesĪn anonymous Silicon Valley Bank employee gave Insider a firsthand view of the bank's collapse. Police officers outside SVB's headquarters in Santa Clara, California on Friday.
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