Greg Becker wife Julie Becker lives in Menlo Park, California with her family of seven. Julie is the mother of five kids with the SVB executive.
Greg is the CEO and President of the now-defunct financial institute, the Silicon Valley Bank.
A graduate of Indiana University – Kelley School of Business, Becker joined Silicon Valley Bank as COO and Chief Banking Officer in May 1993. He worked in the position for over 24 years before getting promoted to the company’s President in March 2008.
Greg became the CEO of the SVB Financial Group in 2011. At the same time, he also held the title of the bank’s President. The executive has been facing heat ever since the bank collapsed on March 10, 2023.
On March 12, Greg shared a video message with the employees of Silicon Valley Bank where he talked about the banking failure and asked the stakeholders to maintain patience. The collapse is the biggest banking crisis since the 2008 recession.
Silicon Valley Bank was the 16th largest bank in the US before its ultimate downfall in 2023. The institution has reportedly lost over $620 billion of its client’s money.
The increase in the Federal Reserve’s interest rates is considered the primary factor behind the failure. The higher rates caused a decrease in public offerings for startups, as a result of which the bank’s clients started withdrawing their deposits for meeting the liquidity requirements.
Moreover, to combat the increasing withdrawals, the bank sold a bond portfolio worth $21 billion with a loss of 1.8 billion. To cover the loss, the bank planned to sell stock worth $2.25 billion.
This triggered large withdrawals from clients and ultimately led to General Atlantic, SVB’s potential buyer, pulling out of the deal.
“The management of these banks will be fired,” President Biden says following back-to-back bank failures. https://t.co/hsB37sB2uC pic.twitter.com/AoSvc0ZaLM
— CNN (@CNN) March 13, 2023
Greg Is Married To Julie Becker
Greg Becker wife Julie Becker is a humble and lowkey person living in California. Julie has been married to the executive for more than 20 years now.
Becker has kept his married life away from the spotlight, due to which there are a few details about his life partner. The defunct Silicon Valley Bank CEO resides in Menlo Park, California with her.
Greg has also rarely talked about his relationship with Julie. The only time he opened up about his partner was during a 2019 interview with Bloomberg, where he mentioned Julie as his “sounding board.” He added that she had been invaluable in his life, providing useful feedback and suggestions.
Becker further revealed that Julie had helped him in maintaining a balance between his work and personal life. The banking executive also credited his significant other for keeping him grounded.
Becker Has Five Children With Julie
The Becker family consists of Greg Becker, Julie Becker, and their five kids. The family is currently settled in California.
Greg has not revealed the name of additional info of his children. However, the SVB CEO kids are reportedly all grown-ups.
Becker has also not discussed if his five adult children have all moved out of the family home or whether they still live with their parents.
The Indiana University graduate is said to be a cycling enthusiast and often takes cycling trips with his partner Julie and their kids. Unfortunately, he is yet to be photographed during a bike trip with his family.
Greg Becker Is A Multi-Millionaire
Greg Becker net worth is estimated to be around $37.6 million, according to Wallmine.
As per a February 2023 report, he owned thousands of stocks of the Silicon Valley Bank, which were valued at millions of dollars.
Further, Greg received $10,677,500 as his salary from SVB. He had over 11 years of experience working as the CEO and President of the Santa Clara-headquartered Bank. Due to his expertise in the banking sector, the collapse of SVB has come as a shock to the stakeholders.
He Sold Stocks Worth Millions Days Before SVB Collapse
Greg reportedly sold over 12.4k units of SVB stock, which was valued at nearly $3.6 million. The trade took place on February 27, less than a month before the collapse of the Silicon Valley Bank.
The share price of Silicon Valley Bank has rapidly plummeted in the last few days. The stock, which had a stable value of $267 on March 8, saw a sharp downfall within 24 hours. By March 9, the share value had dropped to less than $106.
Greg isn’t the only one who made last-minute sales of his stock in the defunct bank. As per a Fox report, several of the high-ranking executives of SVB have sold a massive portion of their shares in 2023. This raises the question of whether the bank executives were aware of the impending doom of SVP.
Greg Isn’t Liable For SVB Loss
As the highest-ranking official of the Silicon Valley Bank, Becker has taken the responsibility for the bank’s collapse. However, he is not personally responsible for compensating stakeholders’ losses.
The deposits made by account holders are insured up to $250 thousand. Further, the federal government has committed to return the full amount above the insured limit.
Meanwhile, the party to suffer the most loss are the investors, who are likely to lose billions of dollars.