The Federal Reserve is probing why Silicon Valley Bank (SVB) did not have a chief risk officer (CRO) for much of 2022, as part of its investigation into the bank’s failure. Proxy filings revealed that Laura Izurieta ceased acting as CRO in April 2022, and left the company in October that year.
Her replacement — Kim Olson, who joined from Sumitomo Mitsui Banking Corp where she was CRO for the Americas — did not join until January 4, 2023. Furthermore, it transpired that Ms Olson worked out of New York even though SVB was based in California, which is in a different time zone.
