The former CEO of Silicon Valley Bank, Greg Becker, is set to offer an apology during his testimony before a Senate committee on Tuesday.

In his prepared statement, Becker acknowledges that he did not anticipate being in the position where SVB faced a significant run that severely impacted the bank in early March, CNN reported.

Expressing remorse, Becker states, “I never envisioned myself or SVB being in this situation,” and he sincerely apologizes for the adverse effects this has had on the bank’s employees, clients, and shareholders.

Becker’s testimony is scheduled for 10 a.m. ET on Tuesday, alongside two former executives from Signature Bank, which experienced a collapse just two days after SVB.

As depositors rushed to withdraw their funds simultaneously, regulators were compelled to intervene and take control of both banks.

Written by staff