But a storm was brewing. Silicon Valley Bank’s financial fortress crumbled in March when its parent, SVB Financial, declared bankruptcy. This shocking revelation came hot on the heels of the bank’s closure by California watchdogs, who handed its reins to the Federal Deposit Insurance Corp. The catalyst? A massive exodus of customers pulling their funds, triggered by the bank’s startling disclosure of a $1.8 billion dent from a bond portfolio sale.
Zooming out, this financial behemoth, once ranked among the top 20 U.S. banks, met its downfall after unveiling its fragile economic health. Like a ship trying to sail against a fierce tide, it struggled amidst skyrocketing interest rates, a tempering tech climate, and some eyebrow-raising investment choices.
A Glimpse into Gurley’s Illustrious Past
Casting the net further back, Gurley’s story is a fascinating one. Long before her role at Silicon Valley Bank, she served over a decade in government. Starting her journey in 2010, she was at the frontline as a prosecutor in the U.S. Attorney’s Office for the District of Columbia. Her formidable reputation was cemented as she spearheaded 57 criminal trials, including 15 felony jury trials.
