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Melissa Stepanis of HSBC—one of the people being sued by SVB over their departure—said she was impressed by HSBC’s purchase of SVB’s UK operations in the teeth of the crisis, and that persuaded her that it could be a good home. “They did something very bold within 48 hours. I felt that validated HSBC as a lender and a bank.”
She, too, said her new institution would do everything that SVB did, and asserted that startup banking was not simply a feeder for investment banking.
“We’re not letting the investment bank lead what we do in the commercial bank,” she said.