A top US banking regulator has launched investigations into managers’ conduct in the Silicon Valley Bank and Signature Bank failures.
“It is worth noting that these two institutions were allowed to fail,” Martin Gruenberg, chairman of the Federal Deposit Insurance Corp., said in prepared remarks for a Senate Banking Committee hearing on Tuesday. “Shareholders lost their investment. Unsecured creditors took losses. The boards and the most senior executives were removed.”
Source : FDIC investigates management conduct in SVB, Signature Bank failures