SVB to Sell Investment Banking Division
SVB Financial Group has agreed to sell its investment banking division, SVB Securities, to a group led by Jeff Leerink and backed by funds managed by The Baupost Group. The deal comes after the Federal Deposit Insurance Corporation (FDIC) took over Silicon Valley Bank in March after depositors rushed to pull out their money in a bank run that wiped out more than half the market value of several U.S. regional lenders and triggered the worst banking crisis since 2008.