Silicon Valley Bank conducting business as usual, says new CEO amid crisis

Silicon Valley Bank's new boss Tim Mayopoulos on Monday told clients that the lender is open and conducting business as usual, according to a letter seen by Reuters.

Earlier in the day, the U.S. Federal Deposit Insurance Corporation had tapped former Fannie Mae head Mayopoulos as CEO of the newly created entity, named Silicon Valley Bank N.A, after the regulator took control of SVB following its collapse that crippled stocks and triggered concerns of a contagion throughout global markets.

The regulator transferred all deposits of Silicon Valley Bank to this newly created bridge bank and had said all depositors will have access