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New SVB CEO fired from Bank of America job more than a decade ago

By Charlotte Business Journal

Bank Collapse Viral Bank Run A sign for a Silicon Valley Bank private branch is displayed in San Francisco, Tuesday, March 14, 2023. The recent failure of the Silicon Valley Bank was unlike a traditional bank run. It involved Twitter, internet memes and message boards and happened at unprecedented speed. (AP Photo/Jeff Chiu) (Jeff Chiu)

By Charlotte Business Journal

CHARLOTTE — The new CEO of collapsed Silicon Valley Bank has strong Charlotte banking ties dating more than a decade ago.

Tim Mayopoulos, who was hired March 13 to lead the failed bank, was abruptly terminated from Charlotte-based Bank of America Corp. amid the peak of the financial crisis in December 2008, according to CBJ reporting at the time. Mayopolous was dismissed as BofA’s general counsel due to the bank’s acquisition of Merrill Lynch & Co. Inc. and a faltering economy. He was replaced by Brian Moynihan, who then became BofA’s CEO a year later.

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Mayopoulos’ exit from BofA came as part of a shareholder suit against the bank for failing to accurately disclose losses at Merrill Lynch, according to a 2012 report from The Wall Street Journal. BofA also eliminated between 30,000 and 35,000 jobs in late 2008 as a result of its purchase of Merrill, coupled with an economic recession.

Now leading SVB, Mayopoulos moved promptly to resolve turmoil at the collapsed bank, presenting a letter meant to reassure the company’s clients on his first day as CEO.

Read more here.

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