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In the war-torn Chechnya region, Mr. Kadyrov built up a private fiefdom while professing loyalty to no official but Mr. Putin himself. A judo sparring partner from Mr. Putin’s youth became a construction billionaire and built Mr. Putin’s landmark bridge to Crimea. And then there was Mr. Prigozhin, who has said that he met Mr. Putin in 2000 as a St. Petersburg restaurateur. In Ukraine, as Mr. Prigozhin tells it, Wagner troops were only called in after Mr. Putin’s initial invasion plan failed. But Mr. Putin seemed to vacillate on his own support for Mr. Prigozhin.

Persons: Vladimir V, Putin, Yevgeny V, Prigozhin, Putin’s, “, ”, —, “ Putin, Tatiana Stanovaya, ” Mr, Ramzan Kadyrov, Aleksandr G, Lukashenko, Mr, Wagner, tycoons, Boris N, Yeltsin, Kadyrov, Prigozhin’s, K.G.B, Donald J, Trump, Weeks, ’, Putin “, Andrei Soldatov, Prigozhin “, ” Mark Galeotti, ” Neil MacFarquhar, Valerie Hopkins Organizations: Carnegie Russia Eurasia Center, ., Reuters, Federal Security Service, Kremlin, Television, Defense, Defense Ministry, Center for Locations: Russia, Moscow, Russian, Rostov, Chechnya, Belarus, Russia’s, Don, Ukraine, Putin’s, Crimea, St, Petersburg, United States, Syria, Africa, Ukrainian, Bakhmut

☆ Putin's clashing warlords are on the verge of full-blown violence that could weaken his grip on power
▼ + stars: | 2023-06-23 | by ( Kelsey Vlamis | Erin Snodgrass | ) www.businessinsider.com time to read: +5 min

The ongoing feud between Putin's warlords came to the brink of violence on Friday. Wagner boss Yevgeny Prigozhin went on a tirade against the Defense Ministry, prompting calls for his arrest. "The evil carried by the country's military leadership must be stopped," Prigozhin said, adding that his 25,0000 mercenaries were ready to stand against Russia's Defense Ministry. Insider's Ryan Pickrell previously reported that Putin plays Prigozhin and the Defense Ministry against each other, escalating tensions between those factions and attempting to deflect blame off himself. Prior to his tirades Friday, Prigozhin was bashing Russia's Defense Ministry for months, especially targeting Russian Defense Minister Sergey Shoigu and Chief of the Russian General Staff General Valery Gerasimov.

Persons: Wagner, Yevgeny Prigozhin, —, Vladimir Putin, Putin's, Prigozhin, Putin, It's, Insider's Ryan Pickrell, Simon Miles, Tatiana Stanovaya, Sergey Shoigu, Russian General Staff General Valery Gerasimov Organizations: Defense Ministry, Service, Titan, Russia's Ministry of Defense, Wagner Group, Russia's Defense, Russia's Defense Ministry, KGB, Kremlin, Wagner, Meduza, Duke University's Sanford School of Public, Soviet Union, Carnegie Russia Eurasia Center, Russia's, Ministry, Russian, Russian General Staff Locations: Moscow, Russia, Ukraine, Soviet, Russian

☆ Citi will hold employees 'accountable' for office attendance -statement
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, June 22 (Reuters) - Citigroup (C.N) will start holding employees "accountable" for compliance with hybrid work model rules, the bank said in a statement on Thursday. Bloomberg reported earlier the bank will start to check whether employees are complying with the requirement of working at least three days a week in the office. We have firm expectations for office attendance and know that the majority of our employees are compliant with their requirements," the bank said in a statement. "As necessary, we hold colleagues accountable for adhering to their in-office days," the statement added. Bloomberg reported the bank will consider office attendance when rating employees' performance and pay.

Persons: Tatiana Bautzer, Chris Reese Organizations: YORK, Citigroup, Bloomberg, Citi, Thomson

Bank regulators led by the U.S. Federal Reserve are finalizing the proposal which would implement international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. On Wednesday, Fed Chair Jerome Powell told Congress it was critical banks have strong capital, but regulators must be mindful of the tradeoffs. Republican officials at the agencies have flagged similar concerns, two people said, while Republican lawmakers on Wednesday also raised worries over capital rules with Powell. The Fed is drafting the Basel rules with the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corp. (FDIC). Speaking to reporters last week, acting Comptroller Michael Hsu said banks had "not been shy about sharing their concerns" which regulators were taking into account.

Persons: Morgan Stanley, Andrew Kelly, Jerome Powell, Michael Barr, Isaac Boltansky, jitters, Powell, “, Kevin Fromer, It's, Michael Hsu, Pete Schroeder, Niket Nishant, Lananh Nguyen, Tatiana Bautzer, Michelle Price, David Gregorio Organizations: New York Stock Exchange, REUTERS, WASHINGTON, Bank, U.S . Federal, Banking, Bankers, Committee, American Express, U.S, UBS, Deutsche Bank, Barclays, Washington, Bank Policy Institute, WALL, Fed, Industry, Republican, Financial Services, Currency, Federal Deposit Insurance Corp, Regulators, FDIC, OCC, Thomson Locations: Manhattan , New York City, U.S, Basel, Silicon

[1/2] A view of the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. The latest round of penny-pinching comes as Goldman Sachs management grew more pessimistic about an economic recovery and dealmaking this year. Goldman Sachs investment banking revenue is down 52% in that same period, the Dealogic data showed. Goldman Sachs trades at 0.97 times its book value, lagging rivals Morgan Stanley and JPMorgan Chase & Co (JPM.N) which trade at 1.45 times and 1.33 times, respectively, according to Refintiv data. Reuters GraphicsThe headcount reductions and cost cutting do not solve Goldman's fundamental challenges: its reliance on investment banking and trading.

Persons: Goldman Sachs, Andrew Kelly NEW, Goldman, David Solomon, John Waldron, Morgan Stanley, pare, Brennan Hawken, Waldron, Saeed Azhar, Lananh Nguyen, Tatiana Bautzer, Andrea Januta, Anna Driver Organizations: REUTERS, Andrew Kelly NEW YORK, Goldman Sachs, Investment, Lazard Ltd, Citigroup Inc, JPMorgan Chase &, Reuters, Thomson Locations: Manhattan , New York, U.S, New York, Bengaluru

☆ Citi CFO says 1,600 job cuts will boost second-quarter expenses
▼ + stars: | 2023-06-14 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +1 min

NEW YORK, June 14 (Reuters) - Citigroup Inc (C.N) in the second quarter will book severance costs associated with around 1,600 job cuts, Chief Financial Officer Mark Mason said on Wednesday. Since the start of the year, the bank has incurred costs related to a 5,000 headcount reduction taking place across the firm, largely in banking, markets and functions. One person with knowledge of the matter said the job cuts include people that worked in units Citi decided to divest, but did not specify the number. He said markets revenues fell 20% so far this quarter from a year earlier. Goldman Sachs Group Inc (GS.N) expects trading revenue may slump 25% this quarter, that bank's president said last week.

Persons: Mark Mason, Mason, Tatiana Bautzer, Cynthia Osterman, David Gregorio Our Organizations: YORK, Citigroup Inc, Citi, Goldman Sachs Group Inc, Thomson Locations: New York

☆ Citi CFO says expenses will grow on Q2 as consequence of 1,600 headcount reduction
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, June 14 (Reuters) - Citigroup Inc (C.N) in the second quarter will book severance costs associated with around 1,600 job cuts, chief financial officer Mark Mason said on Wednesday. Speaking at a conference in New York, Mason said the bank's expenses in the second quarter will be $300 million to $400 million higher than the first quarter, "largely attributed to those restructuring or repositioning charges that I had to incur." Reporting by Tatiana BautzerOur Standards: The Thomson Reuters Trust Principles.

Persons: Mark Mason, Mason, Tatiana Bautzer Organizations: YORK, Citigroup Inc, Thomson Locations: New York

Velyka Novosilka, Ukraine CNN —Under clear and sunny skies, a Ukrainian soldier speeds down a long, straight road toward forward positions close to the front line. Combat medic "Winnie" says he and his fellow physicians try to provide first aid to advancing Ukrainian forces as soon as possible and reduce the amount of casualties. Vasco Cotovio/CNNUkrainian forces have been working to stabilize some of the liberated villages but when CNN visited Velyka Novosilka, the situation remained very fluid. But I think we will win.”The frontline town of Velyka Novosilka bears the scars of a year and a half of shelling. That superiority was on full display during the CNN team’s visit when the Ukrainian forces came under repeated attack by Russian Su-25 ground attack fighter jets.

Persons: Velyka Novosilka, swerves, ”, Vasco Cotovio, “, Winnie, “ There’s, ” Velyka, Jaeger, Mara, ” Skrypal, Novosilka, Jaeger Brigade’s, Vasyl Matyiev, ” Matyiev, Ukraine's, Russian Su, Velyka, “ I’ve, Tatiana, – Organizations: Ukraine CNN, CNN, CNN Ukrainian, Vasco, intel, 68th Jaeger, Ukrainian, “ Volunteers Locations: Ukraine, Ukrainian, Velyka, Neskuchne, Russia, Western, Moscow, Russian, Bakhmut, Velyka Novosilka

NEW YORK, June 12 (Reuters) - JPMorgan Chase (JPM.N) agreed to pay about $290 million to settle a class action lawsuit by Jeffrey Epstein's victims, resolving a large part of litigation over the bank's relationship with the disgraced financier. Monday's settlement came 3-1/2 weeks after Deutsche Bank (DBKGn.DE), where Epstein was a client from 2013 to 2018, agreed to pay $75 million to end a similar lawsuit by Epstein victims. "A settlement with Epstein's victims frees JPMorgan to begin to turn the page and change the narrative." The $290 million settlement amount was confirmed by David Boies, a lawyer for Epstein's victims. Last month, Rakoff said JPMorgan could be liable to Epstein's victims if they could show Staley had firsthand knowledge that Epstein ran a sex-trafficking venture.

Persons: JPMorgan Chase, JPM.N, Jeffrey Epstein's, Epstein, Jane Doe, Carliss Chatman, Chase, Temin, Jed Rakoff, JPMorgan, Adam Zimmerman, David Boies, Sigrid McCawley, Morgan Chase, Mike Segar JPMorgan, Jes Staley, shepherding, Staley, Rakoff, Jamie Dimon, Ghislaine Maxwell, Maxwell, Chatman, Mary Erdoes, Stephen Cutler, Dimon, Cutler, Jeffrey Epstein, Erdoes, Nupur Anand, Lananh Nguyen, Saeed Azhar, Luc Cohen, Jonathan Stempel, Tatiana Bautzer, Megan Davies, Alexander Smith, Grant McCool, Lisa Shumaker Organizations: YORK, JPMorgan, Washington, Lee University School of Law, U.S, Deutsche Bank, University of Southern, Co, New York City, REUTERS, U.S ., Barclays, U.S . Virgin, Thomson Locations: U.S, Manhattan, Virginia, University of Southern California, New York, U.S . Virgin Islands

In his deposition, Dimon said he had barely heard of Epstein before the financier's arrest. JPMorgan is also being sued over Epstein by the U.S. Virgin Islands, where the financier allegedly also abused victims on a private island he owned. The bank is suing Staley to cover losses it may face in both lawsuits. Staley, who was Barclays' (BARC.L) CEO from 2015 to 2021, is expected to sit for a deposition on Saturday. The case is Jane Doe 1 v JPMorgan Chase & Co, U.S. District Court, Southern District of New York, No.

Persons: Jeffrey Epstein, Jamie Dimon, Jed Rakoff, Dimon's, Epstein's, Epstein, Jes Staley, Mary Erdoes, Mary Casey, Darin Oduyoye, Oduyoye, Dimon, Staley, Jane Doe, Tatiana Bautzer, Jonathan Stempel, Richard Chang Organizations: YORK, JPMorgan Chase, JPMorgan, Plaintiffs, U.S ., Barclays, JPMorgan Chase & Co, Court, Southern District of, Thomson Locations: U.S, Manhattan, U.S . Virgin Islands, Southern District, Southern District of New York, New York

[1/4] Residents of the Shebekinsky district of Russia's Belgorod region, who were evacuated following recent attacks on settlements near the Russia-Ukraine border in the course of a military conflict, visit a humanitarian aid distribution centre in Belgorod, Russia, June 8, 2023. REUTERS/Maxim ShemetovSummary This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine. The blasts - some distant, some uncomfortably close - have become a daily reality for Markevich and her neighbours in the Russian town of Razumnoye, a 35-minute drive from the border with Ukraine. So too has the occasional boom of Russian air defences directed against incoming missiles or drones. Her neighbour Natalia Cherkashina, 65, said that what once seemed like a faraway conflict was now very close to home.

Persons: Maxim, Irina Markevich, Markevich, Natalia Cherkashina, they're, Viktor Ignatyev, Vyacheslav Gladkov, Cherkashina, Mark Trevelyan, Andrew Heavens Organizations: REUTERS, Reuters, Thomson Locations: Shebekinsky, Russia's Belgorod, Russia, Ukraine, Belgorod, RAZUMNOYE, Russian, Razumnoye, Moscow, Ukrainian

Shevtsova is one of thousands of Russians who have abandoned their homes and taken shelter in Belgorod, the nearest big Russian city to the border with Ukraine. Russia said it killed more than 70 of them and pushed the rest back across the border. Ukraine said it had nothing to do with the attack, which it cast as internal Russian strife. Alexandra Bespalova, another uprooted resident of Shebekino, said she still supported Moscow's actions in Ukraine, but that Russia needed to do something to protect its own territories. "I always believed that we were right, that our government is right taking Luhansk, the Donbas region, our Russian people under its wing," she said.

Persons: Irina Shevtsova, we’ve, Vladimir Putin, Yevgeny Prigozhin, Wagner, Lyudmila Rumyantseva, Ramzan Kadyrov, We’ll, Sergei, Shebekino, Prigozhin's Wagner, Vyacheslav Gladkov, Alexandra Bespalova, Mark Trevelyan, Grant McCool Organizations: Russian, Reuters, Thomson Locations: Shebekinsky, Russia's Belgorod, Russia, Ukraine, Belgorod, BELGOROD, Russian, Shebekino, Prigozhin, Russia's, Chechnya, Luhansk

CNN —Hundreds of far-left protesters clashed with police in the eastern German city of Leipzig on Saturday night, during demonstrations over jail terms handed down to several people convicted of vigilante attacks against neo-Nazis. Groups sympathetic to Lina E., who is from Leipzig, have been protesting the verdict. Police tried at first to accommodate the demonstration, but when it turned violent and officers came under attack, authorities responded with force. Five people were arrested, all male German citizens aged 20 to 32 years old, Leipzig police said. “All the information available to the Leipzig police department suggests that protesters will still gather in Leipzig on Saturday despite the ban,” a Leipzig police spokesperson told CNN on Friday.

Persons: Lina E, –, Der, ”, Jan Woitas, Lina ”, Lennart A, Jannis, Jonathan M, Germany’s Organizations: CNN, Der Spiegel, Police, ”, Saturday, Prosecutors Locations: German, Leipzig, Dresden, Leipzig –, ” Leipzig, Europe, Germany, Hamburg, Berlin, Wurzen, Eisenach, Thuringia

☆ 'The Flash' reportedly has a 'secret ending' that Warner Bros. is trying to keep from leaking before it hits theaters
▼ + stars: | 2023-06-03 | by ( Nathan Mcalone | ) www.businessinsider.com time to read: +2 min

"The Flash" reportedly has a "secret ending" that studio Warner Bros. is trying to keep under wraps. Warner Bros. is trying to "keep the 'secret ending'" of "The Flash" "under wraps" ahead of its June 16 release, Variety's Tatiana Siegel reported Saturday. Now the ending has been settled, but the studio is still trying to keep its contents from leaking to the general public. In showings on the Warner Bros. lot in Burbank this week, Siegel reported, the final scene was intact but "key elements" were blurred out. Siegel reported that a script for a sequel has already been written.

Persons: Ezra Miller, Variety's Tatiana Siegel, Miller, Jason Guerrasio, Guerrasio, — didn't, Siegel, Andy Muschietti, wouldn't, Muschietti, Miller's Organizations: Warner Bros, Morning, CinemaCon Locations: CinemaCon, Burbank

NEW YORK, June 2 (Reuters) - Citigroup Inc (C.N) CEO Jane Fraser said scrapping the sale of its Mexican retail business, known as Banamex, and pursuing an initial public offering (IPO) was in the best interest of shareholders. "We acted decisively, we acted very swiftly and we said 'okay, we're gonna go down the IPO path,'" Fraser said in an investor conference in New York. Citi announced last week the sale process, which had dragged on for more than a year, had been scrapped. It has signed nine sales agreements nine markets and closed seven deals, including in Australia, India and Vietnam. The CEO held off on giving guidance about trading revenue, citing a landmark U.S. bill to lift the debt ceiling that has just passed and is still being digested by markets.

Persons: Jane Fraser, we're, Fraser, Goldman, John Waldron, Morgan Stanley, Tatiana Bautzer, Saeed Azhar, David Gregorio, Lananh Nguyen, Nick Zieminski Organizations: YORK, Citigroup Inc, Citi, Goldman Sachs, Inc, JPMorgan, Bank of America Corp, Citigroup, Thomson Locations: New York, Australia, India, Vietnam, U.S, Ukraine

[1/3] A tyre produced by the Finnish group Nokian Tyres on display at a dealership in Moscow, Russia, March 23, 2023. Nokian Tyres' protracted departure illustrates the growing headwinds faced by Western companies that have yet to fully depart the country. "The war changed the operating environment in a rapid and unpredictable way," Nokian Tyres' Chief Transformation Officer Johanna Horsma told Reuters. Additional valuation requirements published in mid-December came in the middle of Nokian Tyres' transaction, he added. The buyer needs to be well selected to avoid scammers, said Nokian Tyres' Horsma.

Persons: Maxim Shemetov, Johanna Horsma, Finland's Fortum, Germany's, Peter Wand, Baker McKenzie, Thomas Kormendi, Kormendi, Alexei Moiseev, Moiseev, Nokian, Tatiana Stanovaya, Elopak, Baker McKenzie's Wand, Alexander Marrow, Darya Korsunskaya, Matt Scuffham, Kirsten Donovan Organizations: Nokian Tyres, REUTERS, Finland's, U.S . Treasury, Reuters, Companies, Thomson Locations: Moscow, Russia, finalising, Ukraine, Western, Frankfurt

☆ Russian clothing brands plug gap left by Western rivals
▼ + stars: | 2023-05-31 | by ( Roman Churikov | ) www.reuters.com time to read: +3 min

[1/2] People line up to enter an H&M store, which was reopened to sell the remaining stock before the company exits the Russian market, in Moscow, Russia August 2, 2022. Spain's Inditex (ITX.MC) has sold some of its more than 500 Russian stores to a UAE-based buyer. Gloria Jeans, once a re-seller of Levi's jeans, has taken over Swedish retailer H&M's central Moscow store. Russians have developed solutions with small-scale imports and online sellers helping to keep foreign brands alive, but some things remain difficult to find. Shopper Irina Nikulina said she did not miss foreign brands too much, except when needing something simple, like a reasonably priced white t-shirt.

Persons: Maxim, Spain's, Anton, Antonina, Oleg Klimov, Gloria Jeans, Ksenia Zhdanova, Zhdanova, Irina Nikulina, Tatiana Vakhonina, Roman Churikov, Lev Sergeev, Alexander Reshetnikov, Alexander Paramoshin, Alexander Marrow, Mark Potter Organizations: REUTERS, Reuters, Russia's, Shopping, Thomson Locations: Moscow, Russia, Ukraine MOSCOW, Ukraine, UAE, Zara, Soviet Union, Kazakhstan

☆ Natalee Holloway case suspect Joran van der Sloot beaten in Peruvian prison, attorney tells ABC News
▼ + stars: | 2023-05-30 | by ( Tatiana Arias | ) edition.cnn.com time to read: +3 min

CNN —Joran van der Sloot, the prime suspect in the 2005 disappearance of Alabama teenager Natalee Holloway, was “severely” beaten in a Peruvian prison, his attorney told ABC News on Monday. It may be connected to gang rules inside the Challapalca Prison where van der Sloot is being held, Altez said. Natalee Holloway was last seen alive with van der Sloot and two other men 18 years ago leaving a nightclub in Aruba. The three men – van der Sloot and brothers Deepak and Satish Kalpoe – were arrested in 2005 and released due to insufficient evidence. They were rearrested and charged in 2007 for “involvement in the voluntary manslaughter of Natalee Holloway or causing serious bodily harm to Natalee Holloway, resulting in her death,” Aruban prosecutors said at the time.

"With loan terms tougher and tighter, the option for private credit providers is on steroids," said Drew Schardt, head of investment strategy at Hamilton Lane, one of the largest investment firms in private markets. Pietrzak sees "attractive" assets in auto and consumer lending. POISED TO GAIN SHAREInvestors providing private credit comprise 12% of the $6.3 trillion U.S. commercial credit market, according to Fitch Ratings. "The tightening of lending standards creates opportunities for private credit to gain share," said Lyle Margolis, Fitch's head of private credit. While private credit funds have grown swiftly, the risks they pose to the financial system appear limited, the Federal Reserve wrote in a report this month.

[1/5] Portuguese surfer Teresa Bonvalot smiles after winning her heat in the Sydney Surf Pro on Sydney’s Northern Beaches, Australia, May 19, 2023. REUTERS/Lincoln FeastMay 22 (Reuters) - When Portugal's Teresa Bonvalot qualified for the Tokyo Games in 2021 as a then 21-year-old, she had barely a month to prepare for surfing's Olympic debut and the biggest event of her life. Now, more than a year out from the Paris Games, Bonvalot has again booked an Olympic ticket and is relishing the extra time to ready her mind, body and equipment. "That was unbelievable to get the news to mark my spot there," Bonvalot said during a competition in Australia last week. A total of 24 women's places are available, with the International Surfing Association's World Surfing Games in El Salvador this month providing the next qualification spots.

Morgan Stanley co-presidents Ted Pick and Andy Saperstein, and head of investment management Dan Simkowitz, are widely seen as contenders for the top job. Morgan Stanley shares were little changed in early trading, down 0.9%. The less volatile business of wealth management accounted for 45% of firm's revenue in the first quarter. Morgan Stanley's first-quarter profit beat expectations as rising revenue from wealth management offset declines in investment banking and trading. Simkowitz, the eldest of the three at 58, is head of investment management at Morgan Stanley and co-head of the firm's strategy and execution.

☆ Morgan Stanley CEO Gorman expects succession to occur within the next 12 months
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, May 19 (Reuters) - Morgan Stanley (MS.N) CEO James Gorman told shareholders Friday that the company will likely appoint its next CEO in the next 12 months. Gorman, 64, said the board has identified three strong candidates to succeed him and that he will become executive chairman once a new CEO is chosen. Morgan Stanley co-presidents Ted Pick and Andy Saperstein, Chief Operating Officer Jonathan Pruzan, and head of investment management Dan Simkowitz are widely seen as contenders for the top job. Reporting by Tatiana Bautzer; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

In 2012, Maslov and Shiplyuk presented the results of an experiment on hypersonic missile design at a seminar in Tours, France. In 2016, all three were among the authors of a book chapter entitled "Hypersonic Short-Duration Facilities for Aerodynamic Research at ITAM, Russia". The cases showed that "any article or report can lead to accusations of high treason", the open letter said. It said such cases were having a chilling effect on young Russian scientists. Asked about the letter, Kremlin spokesman Peskov said: "We have indeed seen this appeal, but Russian special services are working on this.

NEW YORK, May 16 (Reuters) - Silicon Valley Bank's former CEO Greg Becker told senators at a hearing that he was unaware the bank was in trouble when he sold stock in the months leading up to the regional U.S. lender's collapse. Becker, who sold SVB shares through the first quarter - the largest sale of which occurred on Feb 27, less than two weeks before the bank collapsed on March 10, triggering a rout in banking shares globally. Responding to questions from senators, Becker painted a picture of an unprecedented, unpredictable crisis at the bank. He said the bank took risk management seriously and had liquidity of around $80 billion at the end of last year. [1/2] Greg Becker, former president and CEO of SVB, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2022.

"I believe it was a series of unprecedented events that all came together in the fastest bank run in history," Becker told the Senate Banking Committee. "I was the CEO of Silicon Valley Bank, I take responsibility for what ultimately happened," Becker said. Executives from Signature Bank also testified alongside Becker on Tuesday, pushing back on assertions from lawmakers that the bank had weak corporate governance. "I don't believe that there was mismanagement at the bank," said Eric Howell, the former president of Signature Bank. The bank tried to cover the loss by raising capital, but in announcing the transaction helped fuel a bank run.

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