The Fed found that McKinsey had “failed to design an effective program” for assessing SVB’s problems and produced a report filled with “weaknesses.”
Among the consultants that SVB turned to was McKinsey & Co., the blue-chip management consulting group with a global roster of corporate and government clients.
SVB’s rapid growth “far outpaced the abilities of its board of directors and senior management,” according to the Fed, and so the bank “regularly engaged consultants to help prepare for the transition.” Consultants from McKinsey were joined by those from Curinos, Ernst & Young, Accenture and Protiviti, among others, according to records.“The consultants seemed to outnumber the FTEs [full-time employees],” the former bank official said.
that SVB executives worried the most. SVB would no longer be a regional bank in the eyes of regulators — it would
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