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Silicon Valley Bank Employees Think Remote Work Contributed to Collapse
Breitbart ^ | 03/20/2023 | Lucas Nolan

Posted on 03/20/2023 4:23:34 PM PDT by ChicagoConservative27

In the aftermath of the collapse of Silicon Valley Bank (SVB), the 16th biggest bank in the country, many are left wondering what went wrong. Both current and former employees have stated that the bank’s support of remote work is a contributing factor.

Axios reports that current and former employees of Silicon Valley bank have mentioned the bank’s support of remote work as a contributing factor to its recent collapse. SVB stood out in the banking sector for its commitment to remote work. “If our time working remotely has taught us anything, it’s that we can trust our employees to be productive from wherever they work,” the company’s career website bragged. The SVB executive team was dispersed across the nation, with CEO Greg Becker occasionally working from Hawaii.

(Excerpt) Read more at breitbart.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; US: California; Your Opinion/Questions
KEYWORDS: bank; bankshmank; bidenvoters; certainlynotesg; esg; hubris; nothatsnotit; remote; remoteworking; siliconvalley; svb; venturecapitalists; work; workfromhome
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To: ChicagoConservative27

Trying to effectively manage a remote workforce overnight with no real planning and testing is just as bad as switching from ICE to EV for political reasons.

blaming middle management for failures in an overnight transition is convenient, but might be overlooking other factors.


41 posted on 03/20/2023 6:22:16 PM PDT by Bernard (“the rights of man come not from the generosity of the state but from the hand of God." JFK 1-20-61)
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To: MeganC

I worked almost 100% remotely since the start of Covid until recently. My job CAN be done in that manner with no issue and in fact there are many of my coworkers that I will NEVER meet in person, Covid or not. We are a global company and nationwide here in the US.

Now they want us back in the office, and I get it. I really do. There are some benefits to it, but I do find that I waste more time there than at home. At home I might take more cigarette breaks (yes at home I could smoke at my desk if I chose, but I do not chose that) but at work I’ll say “Hi Mary, how you doing?” and Mary will tell me how she’s doing for 20 minutes.


42 posted on 03/20/2023 6:24:17 PM PDT by jocon307 (Democrats delenda est.)
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To: ChicagoConservative27

When I worked at a bank we operated based on “Gap Management” to balance out interest rate risk. Fixed rate assets were funded by fixed rate liabilities and variable rate assets were funded by variable rate liabilities. If there were mismatches they were hedged.


43 posted on 03/20/2023 6:43:20 PM PDT by immadashell (Save Innocent Lives: Ban Gun Free Zones)
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To: fella

Actually, it was done by an group that was expecting to find that productivity had dropped as they wanted to justify calling people back to the office.

The study didn’t turn out the way they thought it was going to.


44 posted on 03/20/2023 6:46:26 PM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: ConservativeMind

I’ve been telecommuting for over a decade and wanted to do it for over the past 25 years. Overall I am far more productive. When I am productive i can binge, and when I am not I can get other things done. When I walk or shower I figure out many software problems. I live in a cheaper area than my workplace and only have to fly there at most twice per year.


45 posted on 03/20/2023 6:47:03 PM PDT by posterchild
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To: Sarcazmo

100x more than zero productivity is still zero, so FedGov wouldn’t be statistically significant...


46 posted on 03/20/2023 6:47:59 PM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: jocon307

When I was single being in the office with Mary might have interested me, depending on Mary. Now that I have a wife and children to drive to and from school I have no interest in Mary and don’t want to hear or use her pronouns or listen to her starting a meeting with land acknowledgements.


47 posted on 03/20/2023 7:00:16 PM PDT by posterchild
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To: rxh4n1

Or berating you at work because you NEVER put smiley faces in your work emails. LOL


48 posted on 03/20/2023 7:07:44 PM PDT by CivilWarBrewing (Get off my back for my usage of CAPS, especially you snowflake males! MAN UP!)
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To: posterchild

Well, I am a girl so I would never be interested in Mary as you might have been! Not talking politics, just talking blah, blah, blah. That’s how us gals roll! Kohls just had a YUUUUUGE clearance sale, you know!


49 posted on 03/20/2023 7:19:25 PM PDT by jocon307 (Democrats delenda est.)
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To: CivilWarBrewing

Or berating you at work because you NEVER put smiley faces in your work emails. LOL

That’s one annoying office thing “Office Space” missed. Work in a big company and you’re sure to get hit up at least once a day. People, those McDonalds chocolate bars suck, Girl Scout cookies are overpriced, I don’t want magazines, and I don’t care to give to your favorite charity.


50 posted on 03/20/2023 7:23:31 PM PDT by rxh4n1
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To: jocon307

I hope you and Mary can enjoy the shoe shopping:)


51 posted on 03/20/2023 7:25:30 PM PDT by posterchild
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To: posterchild
When I was single being in the office with Mary might have interested me, depending on Mary.

Very few men are crazy enough to go anywhere near an office coworker anymore. It's all risk and no gain. They can all thank Christine Blasey Ford and her ilk for exposing how women can make any accusation without fear of repercussions.

52 posted on 03/20/2023 7:59:33 PM PDT by T.B. Yoits
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To: Spktyr

Your philosophy is sound, your statistics need some help!!


53 posted on 03/20/2023 8:05:19 PM PDT by Sarcazmo ("Sarcasm is the highest form of wit" ~ O. Wilde)
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To: Spktyr
Studies have shown otherwise. The last one I saw showed that overall productivity stayed about the same or actually even increased during remote work for the majority of companies.

My estimate is that remote work may be appropriate for 10% of the work that gets done in the office. 90% of the time, it needs to get done right there in the office. Maybe your office (small business?) is disciplined enough that you can get away with remote work. But that's just not true for everyone else.

54 posted on 03/20/2023 8:10:46 PM PDT by MinorityRepublican
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To: posterchild

LOL!!! We will!


55 posted on 03/20/2023 8:59:57 PM PDT by jocon307 (Democrats delenda est.)
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To: ChicagoConservative27
I've never worked in a bank so I can't attest to whether or not remote work did it.

Remote workers at a bank has got to be an IT security nightmare.

56 posted on 03/21/2023 5:43:25 AM PDT by Lee N. Field ("He will swallow up death forever" Isaiah 25)
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To: MikeSteelBe

Yes


57 posted on 03/21/2023 6:17:02 AM PDT by Vaduz (LAWYERS )
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