Silicon Valley Bank employees received bonuses hours before government takeover
Publishing timestamp: 2023-03-12 21:59:58
Summary
Silicon Valley Bank employees received their annual bonuses just hours before the bank was seized by regulators. The payments were for work done in 2022 and had been in process days before the bank's collapse. SVB historically pays employee bonuses on the second Friday of March, which happened to fall on the bank's final day of independence. The size of the payouts is unknown, but SVB bonuses range from $12,000 to $140,000. After the seizure, FDIC offered SVB employees 45 days of employment.
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Keywords: breakingnewsglobal, venture capital, business news, svb financial group, banks, breaking news: investing, fintech, breaking news: markets, technology, investment strategy,