Jamie Diamond's Letter to Policymakers on Silicon Valley Bank Failure

Jamie Diamond urged policymakers to avoid knee-jerk, quack-a-mole or politically motivated responses. He said the recent turmoil should push regulators to scrutinize risks at banks that arise from having a high proportion of uninsured deposits and an undiversified customer base. The failure of Silicon Valley Bank was driven by failures of both regulation and banking supervision along with gross mismanagement says Diamond.