Goldman Sachs in New York bought the portfolio of underwater securities that accelerated the demise of Silicon Valley Bank in Santa Clara, Calif.
SVB Financial disclosed in a regulatory filing that it sold Goldman the securities – which had a $24 billion book value – for net proceeds of $21.5 billion.
SVB’s disclosure of the roughly $1.8 billion after-tax loss led to a run on deposits that led regulators to shut down the company’s bank on Friday.