I'm a SVB employee who lost more than $1 million. Here's the inside story of our struggle to survive.
Over the last two weeks, Insider has conducted a series of interviews with an employee of Silicon Valley Bank who gave a firsthand account of the bank'sas experienced by rank-and-file staff. Their identity is known to Insider, which agreed to keep them anonymous due to the sensitivity of client relationships. Their account has been edited for length and clarity.
At first, the communication from management was dismal, both to our clients, and to us. We didn't know what was going to happen to us. We didn't know what we could say to clients, yet we had every client under the sun calling us. All wires had stopped. Nobody could get any money out. We were on the front line.
During the first few days, the greatest frustration on our team was that no one was telling us what we could tell our clients. It was never,"you're not telling me what's going to happen to me, personally." The people who were actually working at SVB weren't asking about their own homes, or their kids' college educations, even though those things were at risk as well. Until today, everybody's focus has been the clients.
I wouldn't even say that they were rallying for SVB. It was for an institution like SVB to exist, for the sake of the innovation economy. Our goal that first weekend was to get as many clients as we could on board. Because if they're on board for support, that will help send a signal to the Fed or the FDIC to step in in some capacity. And they did — it worked.
Last weekend, I was finally able to get a good night's sleep. I ate some actual food. I went to an event and ate a full lunch — falafel, chicken shawarma. I'd been eating nothing but bagels for days. No one was eating those first few days — higher-ups had to remind us to keep eating.
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