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Search resuls for: "Greg Becker"


6 mentions found


☆ Silicon Valley Bank to sell stock to cope with cash burn
  + stars: | 2023-03-09 | by ( ) www.reuters.com   time to read: +2 min
Shares in the California-based parent of Silicon Valley Bank dropped nearly 30% in premarket trading on Thursday. Its customers' "cash burn" rose in February and is driving deposits lower than forecast, CEO Greg Becker said in a letter to investors. The company also liquidated most of its securities portfolio, raising $21 billion, which it plans to re-invest in shorter-term debt while doubling its term borrowing to $30 billion. "We are taking these actions because we expect continued higher interest rates, pressured public and private markets, and elevated cash burn levels from our clients," Becker said. "When we see a return to balance between venture investment and cash burn – we will be well positioned to accelerate growth and profitability," he added, noting SVB is "well capitalised".
☆ Markets close sharply lower as bank stocks take a beating
  + stars: | 2023-03-09 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +1 min
That triggered losses across the banking sector and concern that the Federal Reserve’s interest rate hikes are preventing banks from raising capital. Bank stocks fell by their largest levels in nearly three years on Thursday, bringing all three major indexes down with them. Shares of JPMorgan Chase dropped by 5.4%, Bank of America fell 6.2%, Wells Fargo was down 6.2% and Citigroup was 4.1% lower. Now, as the Federal Reserve hikes rates to fight inflation, those bonds are worth much less and banks are sitting on the losses. For SVB, which said it is partnered with nearly half of all venture-backed tech and health care companies, cash-hungry startups are feeling the pinch.
☆ Shares of SVB Financial fall more than 50% as tech-focused bank looks to raise more cash
  + stars: | 2023-03-09 | by ( Jesse Pound | ) www.cnbc.com   time to read: +2 min
In this photo illustration of the TradingView stock market chart of SVB Financial Group seen displayed on a smartphone with the SVB Financial Group logo in the background. Shares of tech-focused bank SVB Financial plunged by more than 50% on Thursday after the company announced a plan to raise more than $2 billion in capital to help offset losses on bond sales. SVB Financial fell sharply after the bank announced a plan to raise more cash. The company reported $28.8 billion in available-for-sale securities on its balance sheet at the end of December, as well as $95.3 billion held-to-maturity securities. The bank cited higher interest rates and "elevated cash burn from our clients" as reasons to raise the new capital.
☆ Silicon Valley Bank's struggles spell further trouble for beleaguered tech startup market
  + stars: | 2023-03-09 | by ( Rohan Goswami Ari Levy | Rohan Goswami | Ari Levy | ) www.cnbc.com   time to read: +5 min
Silicon Valley Bank has long been considered the lifeblood for tech startups, providing traditional banking services while funding projects and companies deemed too risky for traditional lenders. For the Silicon Valley region, the troubles land at a particularly difficult time. As a large regulated bank, SVB has been viewed as a stabilizing force. Orn called SVB a "crown jewel of Silicon Valley" and a "strong franchise" that he expects to survive this difficult period and even potentially get acquired by a bigger bank. S&P lowered its rating on SVB to BBB- from BBB, leaving it just one notch above its junk rating.
☆ SVB CEO Greg Becker: I am happy 2022 is over and we are 'optimistic' looking ahead
  + stars: | 2023-01-25 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSVB CEO Greg Becker: I am happy 2022 is over and we are 'optimistic' looking aheadGreg Becker, SVB CEO joins 'TechCheck' to discuss the future of the company.
☆ Stocks making the biggest moves after hours: Snap, CSX, Whirlpool and more
  + stars: | 2022-10-20 | by ( Alex Harring | ) www.cnbc.com   time to read: +2 min
The company's third-quarter revenue was about 6% higher than last year. The employment agency missed expectations on top and bottom lines, posting per-share earnings of $1.53 on revenue of $1.83 billion. SVB posted per-share earnings of $7.21, compared to analysts' expectations of $7.09 per share. Adjusted per-share earnings came in at $1.44, compared to analysts' expectations of $1.24, according to Refinitiv. Tenet also announced a $1 billion share buyback program.
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