Business
How Goldman’s plan to build up Silicon Valley Bank crumbled
Silicon Valley Bank executives went to Goldman Sachs Group Inc. in late February looking for advice: They needed to raise money but weren’t quite sure how to go about it.
High interest rates had taken a toll on the bank. Deposits and the value of the bank’s bond portfolio had fallen sharply. Moody’s Investors Service was preparing for a downgrade. The bank had to reset its finances to avoid a funding squeeze that would weaken profits.
