GALACTIC profile picture
GALACTIC profile picture

GALACTIC

Account Executive

Politicker
Opinionated
Praised Answer
+3

Who else is enjoying SVB Sunday scaries?

My company had the vast majority of their cash deposits in SVB and nobody knows what's going to happen next week.


We were doing well picking up marketshare, this just feels like such a kick in the nuts.


I work with the SVB people locally all they time, they were always so great, this just feels like it came out of nowhere.


Anyone else in the zone of uncertainty with this Sitch?

Will SVB depositors get their uninsured balances back

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๐Ÿฐ War Stories
๐Ÿ™ Mental Wellness
โ˜๏ธ Software Tech
10

15 comments

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GALACTIC
Politicker
4
Account Executive
Haha well hey if anyone needs a sales killer for the Vancouver market in Canada hit me up
CuriousFox
WR Officer
4
๐ŸฆŠ
You know we got Canadian family up in here ๐Ÿฆก๐Ÿงฟ
GingerBarbarian
Opinionated
4
Lead Sales
Steve Leisman of CNBC and Former FDIC Chair Sheila Bahr had a really informative appearance on Meet the Press this morning. It seems SVB had 87% of its deposits uninsured. Bahr and Leisman said thay most will get 70-90 cents on the dollar back.

https://www.nbcnews.com/meet-the-press/video/fmr-fdic-chair-silicon-valley-bank-didn-t-have-time-to-prepare-to-sell-164968517619
TennisandSales
Politicker
2
Head Of Sales
oh shit. that really blows. i hope, for your sake it all gets figured out.

i hope others can share their experiences here. for those who know their companies have major cash at SVB, what are your leaders telling you?
GALACTIC
Politicker
3
Account Executive
I'm the company go-to for trauma dumping. CRO was literally losing his mind, and the VPs and I met up and we all decided to not panic about things outside of our control.

Years of crushing sales pressure has enabled our resilience, but the media has blown up and now everyone is freaking out.

Apparently our operations will be fine for a bit, but nobody knows what happens when our war chest (we were acquiring companies) evaporates
TennisandSales
Politicker
1
Head Of Sales
hopefully everyone on your side can take a bit of a deep breath now?
GALACTIC
Politicker
0
Account Executive
Yeah, big relief. I was getting all emotional about losing a sales job I actually like ๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚
Pachacuti
Politicker
2
They call me Daddy, Sales Daddy
It will work itself out just fine, eventually.
CuriousFox
WR Officer
2
๐ŸฆŠ
Maybe some but I am not sure about all. Why weren't the funds insured?
Sunbunny31
Politicker
1
Sr Sales Executive ๐Ÿฐ
This must be very stressful. Not a great way to spend a weekend.
Kosta_Konfucius
Politicker
1
Sales Rep
Looks like the deposits got guaranteed!
jefe
Arsonist
1
๐Ÿ
Truly hope it all works out well for you. Definitely a kick in the nuts though
GALACTIC
Politicker
1
Account Executive
luckily we were bailed out. The team switched from "jump out the window" on Sunday to "lets get that bread" on Monday.

we back bitchezzzzz put that money in my hand
jefe
Arsonist
0
๐Ÿ
Hahaha well put, and good stuff!!
Maximas
Tycoon
0
Senior Sales Executive
Here in Egypt the Central Bank is guaranteeing the money for all of the depositors no matter what!

Hope it's the case with the SVB as well and all to be reimbursed!

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