CEO, CFO of Silicon Valley Bank’s parent company in trouble, petition filed in Federal Court

CEO, CFO of Silicon Valley Bank’s parent company in trouble, petition filed in Federal Court

Silicon Valley Bank: The condition of the banking sector in America is getting worse. Silicon Valley Bank (Silicon Valley Bank) Abhi was tolerating the shock of drowning that now its parent group and CEO-CFO have also suffered another blow. Shareholders of Silicon Valley Bank’s parent SVB Financial Group (Silicon Valley Financial Group)And its CEO Greg Becker And CFO Daniel Beck filed a petition against He has filed a petition in the Federal Court in San Jose, California, accusing the bank of hiding information related to his wealth. Silicon Valley Bank Seeing the deteriorating condition of the American market regulators have put a lock on the bank.

Under the leadership of Chandra Vanipenta, the shareholders say that the Silicon Valley Bank has hidden the bank’s information from the shareholders. He said the bank could not explain how rising interest rates were undermining its business model and would make it worse than banks with different quantum bases. In the petition, the shareholders have also demanded that between June 16, 2021 and March 10, 2023, the investors of Silicon Valley Bank should be compensated for the loss.

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Banks are sinking again after 2008

Silicon Valley Bank recently disclosed a net loss of $180 million, which created a stir in the market. Apart from the loss, the bank had made another disclosure which surprised everyone that the bank is engaged in raising funds to fulfill the request for redemption. When the Silicon Valley Bank sank, it had assets worth about $209 million and deposits worth $175 million. Earlier in the year 2008, there was such an economic recession. After that, now is the first time that the biggest incident of sinking of a big bank has come to the fore in America.