JPMorgan Chase executive Doug Petno has led the company to become the startup world's new Silicon Valley Bank, following the collapse of Silicon Valley Banks three years ago. The bank, which had lost $42 billion in deposits, decided not to buy Silicon ValleyBank after thousands of SVB clients began signing up for JPMorgan accounts. Petno, who is co-head of JPMorgan's commercial and investment bank, saw the opportunity to create a true competitor to Silicon Valley banks such as SVB, Brex, Ramp and Mercury, who had carved a profitable niche serving founders and venture capital investors. JPMorgan, with a tech budget of nearly $20 billion this year, aims to serve startup clients and VC investors better and to learn from them. It also aims to stay close to technology developments for itself. Despite its focus on startup banking from West Coast competitors, the bank has quadrupled its total clients to 12,000 bankers on both coasts.