Silicon Valley Bank employees received bonuses hours before government takeover

Silicon Valley Bank employees received their yearly bonuses Friday conscionable hours earlier regulators seized the failing bank, according to radical with cognition of the payments.

The Santa Clara, California-based slope has historically paid worker bonuses connected the 2nd Friday of March, said the people, who declined to beryllium identified speaking astir the awards. The payments were for enactment done successful 2022 and had been successful process days earlier the bank's collapse, the sources said.

This year, bonus time happened to autumn connected SVB's last time of independence. The institution, successful the throes of a bank run triggered by panicked task superior investors and startup founders, was seized by the Federal Deposit Insurance Corporation (FDIC) astir midday Friday.

On Friday, SVB CEO Greg Becker addressed workers successful a two-minute video successful which helium said that helium nary longer made decisions astatine the 40-year-old bank, according to the people.

The size of the payouts couldn't beryllium determined, but SVB bonuses range from astir $12,000 for associates to $140,000 for managing directors, according to Glassdoor.com.

SVB was the highest-paying publically traded slope successful 2018, with employees getting an mean of $250,683 for that year, according to Bloomberg.

After its seizure, the FDIC offered SVB employees 45 days of employment, the radical said. The slope had 8,528 employees arsenic of December.

A spokesperson for the FDIC declined to remark connected the bonuses.