Senate Report Reveals KPMG Overlooked Issues at Regional Banks Prior to 2023 Crisis
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 17 2025
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Source: WSJ
KPMG's Oversight Failures: A report from Senate Democrats reveals that KPMG overlooked significant issues at Silicon Valley Bank, Signature Bank, and First Republic Bank prior to their 2023 collapses, indicating deficiencies in their auditing practices.
Clean Audit Reports Despite Issues: Despite being aware of the banks' problems for years, KPMG issued clean audit reports, while the banks struggled with rising interest rates that diminished the value of their securities and loans, prompting depositors to seek better rates.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
