TLDR:
SVB president Marc Cadieux is working to rebuild trust after the bank’s collapse, aiming to retain talent and clients while stabilizing deposits.
Article Summary:
Silicon Valley Bank’s collapse in March 2023 marked a major failure, leading to First Citizens-owned SVB. President Marc Cadieux, a former guitarist for SVB’s band, is focused on rebuilding trust and regaining stability after the acquisition. The bank’s commercial and private banking business was acquired by First Citizens, while other divisions remain in bankruptcy proceedings. Despite talent losses, Cadieux notes that SVB has retained 80% of pre-collapse talent and maintains stable deposits. He recognizes that rebuilding trust will take time, but remains hopeful for the future.
