Silicon Valley Bank staff to get 45 days of work at 1.5 times salary

Oluwanifemi Ojo
Oluwanifemi Ojo
Silicon Valley Bank


The Federal Deposit Insurance Corp, has offered the employees of the  Silicon Valley Bank 45 days of employment at one and a half times their salary.

This was according to an email sent by FDIC in the late hours of Friday to employees titled “Employee Retention”, and assessed by Reuters.

The corporation is the U.S. regulator that took over the tech-lender after it closed down on Friday.

FDIC wrote in the email, “Workers will be enrolled and given information about benefits over the weekend by the FDIC, and healthcare details will be provided by the former parent company SVB Financial Group.”

According to Reuters, SVB employees who were 8,525 at the end of last year were told to continue work remotely aside from the essential and branch workers.

The Silicon Valley Bank crumbled after depositors raced to withdraw their money, as a result of concerns about the lender’s financial stability.

It was reported that the frantic two-day bank run blindsided observers and stunned markets, wiping off more than $100 billion in market value for U.S. banks.

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *