Silicon Valley Bank (SVB) did not have an 'investment committee,' but rather, of the six committees that reported to the board of directors, had a risk committee, which excluded its most qualified director, Thomas King, a former Barclays investment banking CEO. The board of directors of Silicon Valley Bank, which collapsed Friday, had appointed Thomas King, former CEO of investment banking at Barclays, to its board in a bid to add more diversity.
Intriguingly, the risk committee excludes its most qualified director — Thomas King, a former Barclays investment banking CEO, who joined SVB's board of directors in a bid to add diversity. Wall Street Journal columnist Andy Kessler points the finger at a statement touting the board's diversity: Was there regulatory failure? Perhaps.
Silicon Valley Bank, part of SVB Financial Group, provides banking and financial services to technology companies and their investors. It also offers other businesses including a fund-of-funds platform and an investment banking arm (you might know them from their involvement in the recent Uber public offering).