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- A vice president at Silicon Valley Bank said he is “heartbroken” for startups affected by its collapse.
- JP Giannini said both his grandmother and his aunt had previously worked at the bank.
- Silicon Valley Bank’s implosion on Friday sent shockwaves through the tech sector.
A Silicon Valley Bank vice president who worked at the lender for 13 years took to LinkedIn to share his thoughts about its collapse saying he’s “heartbroken” for all of the startups affected by the “tragedy.”
JP Giannini, a vice president for Silicon Valley Bank’s early stage startups group, joined the company in 2009 as a client services advisor, according to its website.
On Friday, the bank — which is favored by many in the tech world — was shut down by federal regulators and put into the hands of the Federal Deposit Insurance Corporation. It is the largest US bank collapse since 2008.
“My heart goes out to all of the startups who have been affected by this tragedy,” Giannini wrote on LinkedIn on Sunday.
“I have learned so much from you all and you have helped make me a better person. I am heartbroken and hoping that everything works out for all of you.”
Palo Alto-based Giannini said Silicon Valley Bank played an important role in his family for over 30 years, with both his grandmother and aunt also working there.
He wrote: “I have worked at SVB for over 13 years but it goes far beyond that. I grew up around SVB. My grandmother (who raised me) and Aunt both worked at SVB as well as other family members. The bank has been such an important part of my life over the past 30+ years and I, like many others, am still processing everything.”
At age 10, Giannini attended company picnics with his grandmother when she was still working at the bank, per Silicon Valley Bank’s website.
Nearly half of all US venture-backed startups banked with Silicon Valley Bank, its website says, and the collapse on Friday sent shockwaves through the tech sector, and raised major concerns about whether some startups would be able to pay employees.
On Friday, Y Combinator CEO Garry Tan wrote on Twitter that 30% of companies backed by the accelerator and exposed to SVB wouldn’t be able to make payroll in the next 30 days.
On Sunday, the US Treasury, Federal Reserve Board and FDIC assuaged some of these concerns by announcing they would “fully protect” depositors who had funds in Silicon Valley Bank, and give them access to all of their money starting Monday 13 March.