The March implosion of Silicon Valley Bank created a banking vacuum in the startup world.
In 2019, the group poached four executives from SVB to work with venture capital funds and their portfolio companies.
But these plans were accelerated by the collapse as customers fled to JPMorgan from SVB as well as First Republic, which JPMorgan now owns.
First Republic also served emerging venture capital firms, an untapped client segment for JPMorgan's commercial bank.
In some aspects, the breakdown of SVB strengthened JPMorgan's appeal to tech upstarts that had previously eschewed too-big-to-fail banks, Smith said.
Persons:
John China, Melissa Smith, Smith, playbook, Jamie Dimon, SVB, Darya, fintech
Organizations:
Valley Bank, JPMorgan, SVB, West Coast, Bay Area, Silicon Valley Bank, Capital, fintech Aumni, Capital Connect
Locations:
Beijing, Frankfurt, London, Stockholm, Sydney, Tel Aviv, Zurich, San Francisco, New York, Silicon Valley, West, SVB, Republic, Israel, fundraises