General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSVB President and CEO Greg Becker received almost $10 million in total compensation for 2021..
As President & Chief Executive Officer at SVB FINANCIAL GROUP, Greg Becker made $9,922,132 in total compensation. Of this total $1,040,385 was received as a salary, $3,000,000 was received as a bonus, $1,622,657 was received in stock options, $4,238,529 was awarded as stock and $20,561 came from other types of compensation. This information is according to proxy statements filed for the 2021 fiscal year.
[link:https://www1.salary.com/Greg-Becker-Salary-Bonus-Stock-Options-for-SVB-FINANCIAL-GROUP.html|
Worked out really well for him.
walkingman
(7,511 posts)give him millions. We have basically removed all risk of capitalism for the rich and well connected so they can make money hand over fist during bull runs and be bailed out during the business cycle correction phase.
What can we do about it.....not a damn thing.
Captain Zero
(6,714 posts)Consultant for a while.
After that he's back to VP and CEO positions.
Lather, rinse, repeat.
Captain Zero
(6,714 posts)Consultant for a while.
After that he's back to VP and CEO positions.
Lather, rinse, repeat.
brooklynite
(93,867 posts)Is there any indication that the bank was at risk two years ago?
Permanut
(5,438 posts)Resulted in increasing the asset threshold for systemically important financial institutions or, SIFIs, from $50 billion to $250 billion.
The risk and exposure associated with all banks in that size range increased at that time. SVB is one of those banks. That alone does not equate to specific failures, but this one apparently would occur differently under Dodd-Frank.
Igel
(35,197 posts)In 1 year it went from $115 billion to $215 billion. And it was in the black for the year. That's not too shabby, to be honest.
Yet at the end of 2022 it had $19 billion in unrealized assets. It was bad investment strategies, overinvestment in bonds but only bad in the novel (for many) age of higher interest rates.
Permanut
(5,438 posts)"Had Congress and the Federal Reserve not rolled back the stricter oversight," Warren said, Silicon Valley Bank "would have been subject to stronger liquidity and capital requirements to withstand financial shocks."
Samrob
(4,298 posts)What do bankers do to earn such salaries?