Silicon Valley Financial institution workers provided 45 days of labor at 1.5 instances wage

© Reuters. FILE PHOTO: A locked door to a Silicon Valley Financial institution (SVB) location on Sand Hill Highway is seen in Menlo Park, California, U.S. March 10, 2023. REUTERS/Jeffrey Dastin/File Photograph

By Lananh Nguyen and Pete Schroeder

NEW YORK (Reuters) – Staff of Silicon Valley Financial institution had been provided 45 days of employment at 1.5 instances their wage by the Federal Deposit Insurance coverage Corp, the regulator that took management of the collapsed lender on Friday, in line with an electronic mail to workers seen by Reuters. 

Staff might be enrolled and given details about advantages over the weekend by the FDIC, and healthcare particulars might be supplied by the previous dad or mum firm SVB Monetary Group, the FDIC wrote in an electronic mail late Friday entitled “Worker Retention.” SVB had a workforce of 8,528 on the finish of final 12 months.

Workers had been advised to proceed working remotely, apart from important employees and department staff.

The FDIC didn’t instantly reply to a request for remark.

Silicon Valley Financial institution imploded after depositors, involved in regards to the lender’s well being, rushed to withdraw their deposits. The frenetic two-day run on the financial institution blindsided observers and surprised markets, wiping out greater than $100 billion in market worth for U.S. banks.

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