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by alexis2b
1195 days ago
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I think the article is about the SVB Securities subsidiary (an investment bank) spinning off itself with a management buy-out. Sadly this is not about the main bank and will not save it. Sort of ejection pod for investment bankers tied to the mothership and deciding it is time to separate… (edited: typo) |
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SVB Securities LLC recently - at the beginning of last month - changed its name from SVB Leerink LLC to SVB Securities LLC: https://www.svb.com/de/news/company-news/svb-leerink-llc-ann...
The Wikipedia page states that SVB Securities' leadership plans to buy back the company from its parent org, SVB (the bank): https://en.wikipedia.org/wiki/SVB_Securities
It's sloppy reporting in this article that the reporter mixes up SVB, the bank, with SVB Securities; Joe Gentile is the CAO (Chief Administrative Officer) of SVB Securities / Leerink: - https://www.svbsecurities.com/team/joseph-gentile/ - https://news.yahoo.com/silicon-valley-bank-exec-lehman-00055...
Note that 'Yahoo! News' - f/k/a the Verizon Media Group - was bought by Apollo Capital Management a few years ago, so perhaps Apollo is short SVB and that's why 'Yahoo! News' is amplifying this narrative about the CAO having worked at Lehman until 2007; recall that Lehman imploding in 2008 is largely seen as one of the catalysts for the 2008 Global Financial Crisis.