Joseph Gentile
Joseph Gentile | |
|---|---|
| Born | 1969 |
| Occupation | Corporate executive |
| Known for | CFO of Lehman Brothers, Chief Administrative Officer at SVB Securities |
Joseph Gentile (born 1969) is a corporate executive recognized for his tenure as CFO at Lehman Brothers, whose 2008 insolvency was a pivotal moment in the 2008 financial crisis. He also served as Chief Administrative Officer at SVB Securities, the affiliate of Silicon Valley Bank, which underwent the third largest bank failure in U.S. history in 2023.
Biography
Gentile earned a bachelor's degree in accounting along with an MBA specializing in Finance from St John's University. His professional background includes roles at Arthur Andersen and JP Morgan, as well as leadership positions such as CFO of the Private Bank and CEO of the Global Corporate and Investment Bank at Bank of America. Additionally, he was CFO for Lehman Brothers' Global Investment Bank division.
He was notably involved in Lehman Brothers' downfall, having introduced Repo 105 transactions in 2007 to obscure financial losses—an accounting technique later identified as a critical contributor to the firm's bankruptcy. Gentile authored numerous emails referenced during bankruptcy investigations and acted as a principal witness. He conceded that the practice had no authentic business rationale and was exclusive to Lehman Brothers, having been introduced to it by Ed Grieb, Lehman’s Global Financial Controller. Gentile employed Repo 105 to cosmetically enhance Lehman’s balance sheet without fully grasping its operational details.
After departing Lehman Brothers in 2007, Gentile took on the role of Chief Administrative Officer at SVB Securities. Following Silicon Valley Bank's collapse in 2023, online discussions erroneously associated Gentile with leadership responsibilities at Silicon Valley Bank and implied direct accountability for its failure. SVB Securities clarified that he had no significant involvement in either institution’s collapse; nonetheless, documentation confirms his substantial participation in Lehman Brothers’ financial strategies despite leaving before its ultimate failure.