Silicon Valley Bank’s UK Division Offers $18 Million Bonus
The UK subsidiary of Silicon Valley Bank has offered more than $18 million in bonuses this week. This comes just days after HSBC swooped in as part of a bailout deal to save the organization from bankruptcy.
Payments to staff, including senior executives, were approved earlier this week by HSBC, SVB UK’s new owner Sky News. report.HSBC purchased A deal facilitated by the Bank of England saw the British arm of the Bank of America sell for 1 British pound after the parent company collapsed. Bank runs on social media.
The bonus pool was described as “modest”, ranging from $18 million to $24 million, sources told Sky News.
According to insiders, the bonus would not have been paid had SVB UK not been solvent at the time of the acquisition.
American SVB staff also reportedly The annual bonus was paid just hours before the bank went bankrupt on March 10th.
federal regulators shut down last week SVB was formerly the 16th largest bank based in Santa Clara, California, USA, after the financial institution went up in price. The meltdown came shortly after SVB revealed it had lost $1.8 billion on the sale of bonds, leaving customers worried they wouldn’t be able to withdraw their funds.
SBV Financial Group, the parent company of the failed Silicon Valley Bank, Filing for Chapter 11 Bankruptcy Protection on friday.
https://nypost.com/2023/03/18/silicon-valley-bank-uk-arm-gives-18m-in-bonuses/ Silicon Valley Bank’s UK Division Offers $18 Million Bonus