Before his rise in banks and fintechs, the lawyer made a career in a top law firm.
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new York The American deposit insurance fund FDIC has appointed Tim Mayopoulos as the new boss of the collapsed Silicon Valley Bank (SVB). The 64-year-old lawyer and bank manager is to lead the newly founded bridge bank, to which all SVB deposits have been transferred. The FDIC announced this on Monday.
Known for his calm demeanor, Mayopoulos comes from the fintech startup Blend Labs, previously worked at Deutsche Bank and headed the mortgage company Fannie Mae after the financial crisis.
With his new post at the SVB bridge bank, Mayopoulos is taking on the most important role in the fulminant banking crisis that is currently unfolding in the United States: within just three days, the US supervisory authorities completely closed the 40-year-old Silicon Valley Bank on Friday. A run on deposits had previously made the institute insolvent.
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