Bloomberg Tax
March 14, 2023, 8:33 PM

SVB’s Lack of Risk Officer Emerges as Focus for Fed, Lawyers

Katanga Johnson
Joel Rosenblatt
Joel Rosenblatt
Bloomberg News
Chris Dolmetsch
Chris Dolmetsch
Bloomberg News

Silicon Valley Bank’s lack of a chief risk officer for much of last year is being examined by the Federal Reserve as part of its probe of the bank’s failure, two people familiar with the matter said.

SVB revealed in a 2023 proxy statement that Chief Risk Officer Laura Izurieta left the company in October but stopped performing the role in April. The company said Kim Olson took over the job in December. Olson is based in New York, across the country from most of the rest of SVB’s top brass.

Watch: The Fed wants to know why SVB didn’t have a chief risk officer.
Source: Bloomberg

The San Francisco Fed was the chief ...

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