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When the collapse of Silicon Valley Bank first came to light, the late announcement painted some of the confusion: The bank spent most of the past year without an official, and the incumbent sold more than $4 million in stock in the bank before leaving.
In the year The new CRO, Kim Olsen, who joined in January 2023, was only on the job three months before the bank was shut down by regulators. Now, sources tell TechCrunch that Olsen and at least one other executive will also be leaving SVB. Sources said that SVB’s chief audit executive is also resigning.
The launch comes two weeks after the $72 billion purchase of SVB by First Citizen Bank. The latest departures are in the wake of several executive exits, including former CEO Greg Baker and CFO Daniel Beck, who left when the bank came under scrutiny from regulators.
SVB and Olson did not respond to TechCrunch’s request for further comment on Olson’s departure. Employees at the new combined facility do not yet know who the new chief risk officer will be. The likely successor is First Citizen CRO Lori Rupp, who has been in the role since 2017.
Talent moves are sure to continue as a natural part of SVB’s transition to new ownership. It’s been more than a month since the Silicon Valley bank was shut down by regulators.
Today, HSBC USA announced in a statement to TechCrunch that it has hired 40 bankers from SVB to build a new offering “tailored for the innovation economy.” The bank also poached former SVB talent, including Chief Business Development Officer Sunita Patel, Head of Life Sciences and Healthcare Kathryn Anderson, Head of Technology and Healthcare Banking David Sabow and Head of Technology Credit Solutions Melissa Stepanis.
If you’re curious about the happenings in the venture world, you can reach Natasha Mascarenhas on Twitter @nmasc_ Or on +1 925 271 0912 signal. Identity queries will be honored.
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