Tim Mayopoulos, the former CEO of Fannie Mae, was appointed by the Federal Deposit Insurance Corporation (FDIC) to lead Silicon Valley Bank. He takes over after the startup-focused lender was shut down by regulators as a result of a run on its deposits, which left it with insufficient capital. For more than six years prior to joining fintech Blend, Mayopoulos was the CEO of mortgage financier Fannie Mae.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
The bank was unable to raise capital to make up the difference due to the sale of a $21 billion portfolio of securities that were up for sale last week, which led to a $1.8 billion loss and a dramatic reduction in deposits. The regulator has also moved almost all of the bank’s assets, including all insured and uninsured deposits, to a bridge bank that was just recently founded.
Important takeaways for all competitive exams:
You may also read this:
World Para Athletics has announced that Tashkent will host the 2027 World Para Athletics Championships.…
HDFC Life has approved the reappointment of Vibha Padalkar as the Managing Director and Chief…
Abhishek Sharma has delivered the exceptional performance and makes the new record for his century…
NASA has successfully completed the assembly of the Nancy Grace Roman Space Telescope at the…
Global rating agency Moody's has revised the India's economic outlook and cuts the FY27 GDP…
Arthur Law has been named the Young Global Leader (YGL) 2026 by the World Economic…