I literally was approached for a senior role by SVB for their financial crimes group about a year ago. The pay was about 45k, and the average for the role is about 80k no experience. This was a role that involved screening clients for risks essentially. Not surprised this happened with what they were offering

This was my thought.

Just celebrate on Father's and/or Mother's Day

If you're going to be that niche, just celebrate on an existing day. It's not that hard.

Taking into account that Fox is just as much for entertainment as the Onion, and just as little for actual news as the Onion, it's actually pretty easy to believe that this is a headline from Fox.

I don't want to sound mean but do you know the reasons by SVB went under in the first place? It wasn't fraud or a lack of controls, it just sheer incompetence on behalf of management.

Of course it had to happen in Ohio

I still haven’t found the gap you’re referring to regarding this position. This isn’t the risk assessment department, though I’m sure they work together. The problem your highlighting doesn’t directly correlate with the job position being discussed from everything I’ve seen so far.

r/ihavesex

It seemed like a great policy when money was free!

Yeah I’m sure there was an open request from some manager and HR just got around to posting it not knowing the true footing of the bank as I’m sure it was not widely known.

Idiocracy was a documentary

They also didn’t have a risk manager for nine months.

"She was also a director of Silicon Valley Bank, the second biggest bank to go bankrupt in US history."

This is a reach - normal job posting

Only for the toilet paper companies.

Ok Reddit, time for some banking education. In the majority of banks, role structure works as below;

Directors - In charge of broad functional areas, what you would call ‘executives’ in general public terms.

Manager - In charge of specific departments. In my experience is what you would call directors and VPs in other industries.

VP - Salaried employees and low to mid level managers.

Associate - Hourly employees.

You’ll get variations depending on the bank, most commonly having the high end of one category in the low pay range of the bucket above it (example - high end departments lead may be a director without a C-level designation depend on the number of people under them). Most large banks more or less follow this layout. So as others have pointed out, this not a $60k job. This in a minimum 10+ years of managing in financial crimes to be seriously considered level, $200k + large bonus level job.

This isn’t negligence, just foolishness.

Agreed that it doesn’t appear SVB was doing anything shady with the investments. They just made a poor decision on a long-term bet that backfired.

Assistant secretary OF the treasury

THE FRAUD IS CALLING FROM INSIDE THE HOUSE

All natural, my ass

The sheer speed of this bank’s collapse is why I’m considering selling all my individual positions and putting it all in indexes.

Don’t want to go out for lunch and come back to a company I hold getting a 60% haircut while I’m eating a sub sandwich.

What was the financial crime that happened that makes this a funny coincidence? 🤔

This was a “Bank was stupid” situation.

“Interest rates have been ridiculously low for a long time. Surely, they will never go up. Right? “