Cops depart Silicon Valley Banks headquarters in Santa Clara, California on March 10, 2023.
Noah Berger | AFP | Getty Pictures
Silicon Valley Financial institution staff won their annual bonuses Friday simply hours earlier than regulators seized the failing financial institution, in keeping with folks with wisdom of the bills.
The Santa Clara, California-based financial institution has traditionally paid worker bonuses on the second one Friday of March, stated the folk, who declined to be known talking in regards to the awards. The bills had been for paintings performed in 2022 and have been in procedure days earlier than the financial institution’s cave in, the assets stated.
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This yr, bonus day came about to fall on SVB’s ultimate day of independence. The establishment, within the throes of a financial institution run caused by way of panicked mission capital traders and startup founders, used to be seized by way of the Federal Deposit Insurance coverage Company (FDIC) round noon Friday.
On Friday, SVB CEO Greg Becker addressed employees in a two-minute video wherein he stated that he now not made choices on the 40-year-old financial institution, in keeping with the folk.
The scale of the payouts could not be decided, however SVB bonuses vary from about $12,000 for friends to $140,000 for managing administrators, in keeping with Glassdoor.com.
SVB used to be the highest-paying publicly traded financial institution in 2018, with staff getting a median of $250,683 for that yr, in keeping with Bloomberg.
After its seizure, the FDIC presented SVB staff 45 days of employment, the folk stated. The financial institution had 8,528 staff as of December.
A spokesman for the FDIC declined to remark at the bonuses.
