CNN– The Federal Reserve detailed serious management oversights by the executives of Silicon Valley Bank, which collapsed six weeks and sent financial markets reeling.

In a hotly anticipated report on Friday, the Fed, SVB’s primary regulator, revealed its findings after a review of what caused the bank to fail on March 10.

“Silicon Valley Bank’s board of directors and management failed to manage their risks,” the Fed said.

This story is developing. It will be updated.