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GreekReporter.comBusinessSilicon Valley Bank: Greek American Tim Mayopoulos Named CEO of New Entity

Silicon Valley Bank: Greek American Tim Mayopoulos Named CEO of New Entity

Mayopoulos Silicon Valley Bank
The headquarters of Silicon Valley Bank. Credit: CoolcaesarCC BY-SA 4.0/Wikipedia

Tim J. Mayopoulos, a Greek-American banker, was appointed by the U.S. Federal Deposit Insurance Corporation as the new boss of Silicon Valley Bank (SVB) which collapsed last week.

Mayopoulos was named CEO of the newly created entity, named Silicon Valley Bank N.A, after the regulator took control of SVB following a collapse which crippled stocks and triggered concerns of contagion throughout global markets.

Mayopoulos was born to Harry B. Mayopoulos and his wife Eleanor Ida Mayopoulos on March 7, 1959. His father was an aerospace technician, trade unionist, and member of the United Auto Workers, while his mother worked part-time for a department store chain.

Mayopoulos earned a bachelor’s degree in English literature from Cornell University in 1980 and a doctorate from New York University School of Law in 1984.

He was formerly president and chief executive officer (CEO) of Fannie Mae. During his career, he was the general counsel of Bank of America and also worked at Deutsche Bank, Credit Suisse First Boston and Donaldson, Lufkin & Jenrette.

Mayopoulos brings banking experience to Silicon Valley Bank

In a letter to clients, Mayopoulos said that the bank would provide more information as soon as it was available.

“I look forward to getting to know the clients of Silicon Valley Bank…I also come to this role with experience in these kinds of situations. I was part of the new leadership team that joined Fannie Mae in the wake of the financial crisis in 2008-09, and I served as the CEO of Fannie Mae from 2012-18,” Mayopoulos added in the letter.

On Monday, United States President Joe Biden sought to reassure Americans that the banking system is “safe” following the collapse of SVB.

The president also promised to introduce new banking regulations and made further assurances to United States taxpayers that their tax dollars would not be used to cover the collapse of SVB.

At the time of its collapse on March 10, SVB was the 16th largest bank in the United States. The collapse of SVB is the second-largest bank failure in the country’s history.

“Americans can have confidence that the banking system is safe,” Biden said during a brief address from the White House.

“Your deposits will be there when you need them. Small businesses across the country that deposit accounts at these banks can breathe easier knowing they’ll be able to pay their workers and pay their bills, and their hard-working employees can breathe easier as well,” the President added.

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