152 karma · joined July 6, 2021
It’s not that they catered to high risk clients it’s that they understood that the definition of risk was not universal. What may look risky to Bank of America isn’t actually more risky if you know the nuances of startups.
Or put another way, the odds that a new commercial Bank of America company goes on to become a 10 billion dollar company is probably 1 in a billion. The odds that an SVB customer would go on to become one is probably 1 in a thousand.
But the important thing is that SVB didn’t fail because of bad credit or bad loans - something you’d expect from riskier clients. SVB’s problem was that they had more deposits and cash than they could handle, they literally had too much money and the fed has raised interest rates too fast for them to absorb.
Swe 2, Swe 3, senior, staff, senior staff, principal, distinguished, god
In that order, except god isn’t really a level it’s just Sanjay and Jeff.
Swe 2 is L3, goes up by one for each level, thus senior is 5, senior staff is 7, etc