• News
  • Film and TV
  • Music
  • Tech
  • Features
  • Celebrity
  • Politics
  • Weird
  • Community
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
TikTok
YouTube
Submit Your Content
Silicon Valley Bank gave out huge staff bonuses before it collapsed

Home> News

Published 19:40 13 Mar 2023 GMT

Silicon Valley Bank gave out huge staff bonuses before it collapsed

Just hours before it collapsed on Friday, Silicon Valley Bank reportedly gave out huge bonuses to many of its staff.

Callum Jones

Callum Jones

Silicon Valley Bank apparently gave out huge bonuses to its staff just hours before the financial institution collapsed.

Over the weekend, the US banking system was thrown into chaos after one of the biggest banks in the country collapsed.

It comes as the Monday rush and panic stars, with customers desperate to get their hands on their own cash.

Employees who agree to stay on with the failed bank will receive 5 times their normal pay for the next 45 days, on top of the annual bonus they have just received.

Advert

Hourly workers will also get double their normal rate, according to Axios.

Silicon Valley Bank employees have reportedly received bonuses despite the company collapsing.
Kristoffer Tripplaar / Alamy Stock Photo

They say that the annual bonuses were dished out to the workers on Friday just hours before the collapse was in the public domain.

But the outlet added that bonuses for employees that work for Silicon Valley Bank in other countries are scheduled for later this month and haven't been paid as of yet.

Advert

NBC added that the bank usually awards its employees with bonuses on the second Friday of March.

The payments were reportedly in process for days prior to the announcement of the company collapsing.

What is unclear, however, is how much cash was actually distributed to employees.

NBC did say that bonuses likely ranged from $14,000 each for associates, up to $140,000 for the big bosses and managing directors, which is based on figures posted on Glassdoor.

Advert

It was reported over the weekend that Silicon Valley Bank execs recently sold billions of dollars' worth of stock in parent company SVB Financial Group.

After a massive drop in share price, SVB tried and failed to find alternative funding, including selling the company all together.

The future of the UK branch of Silicon Valley Bank has been secured, though.
Gado Images / Alamy Stock Photo

This led to the Federal Deposit Insurance Corporation announcing the bank had been shut down and placed in receivership.

Advert

Meanwhile in the UK, HSBC has swooped in and saved the UK branch of Silicon Valley Bank, buying it for just a £1.

In a press release, Noel Quinn, HSBC Group CEO, said: "We welcome SVB UK’s customers to HSBC and look forward to helping them grow in the UK and around the world.

"SVB UK customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC.

"We warmly welcome SVB UK colleagues to HSBC, we are excited to start working with them."

Featured Image Credit: Xinhua / Alamy Stock Photo/REUTERS / Alamy Stock Photo

Topics: Money, US News

Callum Jones
Callum Jones

Advert

Advert

Advert

Choose your content:

13 hours ago
14 hours ago
15 hours ago
  • 13 hours ago

    Scientists issue warning for surprising item people use that's 40 times dirtier than a toilet seat

    Scientists found that your travel companion is harboring a dirty secret

    News
  • 14 hours ago

    Bizarre photo of Trump as Superman shared by White House has people questioning one thing

    The image shared by the White House has left social media users confused

    News
  • 14 hours ago

    Friends and family of Idaho students killed by Bryan Kohberger explain why they thought they were 'next' in chilling new documentary

    The small Idaho community was racked with anxiety after a stranger murdered four college roommates while they slept in 2022

    News
  • 15 hours ago

    Japan breaks record for fastest internet that's 3.5 million times faster than US and can download Netflix in 1 second

    Japan's internet can download Netflix's entire library in seconds

    Technology
  • People left stunned as woman breaks down exactly how much it costs to give birth in America
  • Nun’s chilling final words before she collapsed and died in court in middle of Katy Perry property legal dispute
  • Five items to buy now before Trump’s tariffs take effect on August 1st
  • Thousands of dollars fall from the sky for one reason as man’s dying wish is granted