A new report has shed light on the work culture at Silicon Valley Bank prior to its collapse.
According to the report, some employees believe that the bank’s commitment to remote work played a role in its failure.
Although some acknowledged the risks associated with a prolonged work-from-home arrangement, the bank was willing to take these risks to preserve a culture of compassion.
However, insiders believe that the bank knew the risks it was taking with its commitment to remote work.
While some banks have been at the forefront of calling workers and executives back to the office, Silicon Valley Bank had a more laid-back approach, with the CEO even working from Hawaii at times.
Some believe that this approach contributed to the bank’s collapse.
Although banks take risks all the time, the risks associated with remote work were not properly managed at Silicon Valley Bank, leading to an historic bank run.
It is important to properly manage remote workforces to ensure success, rather than blaming remote work itself for any potential failures.