NEW YORK, March 11 (Portal) – Employees at Silicon Valley Bank have been offered 45 days of employment at one-and-a-half times their salary by the Federal Deposit Insurance Corp, the US regulator which took control of the collapsed lender on Friday, an E -Mail to staff that was seen by Portal.
Workers will be enrolled and notified of benefits by the FDIC over the weekend, and health details will be provided by former parent company SVB Financial Group (SIVB.O), the FDIC wrote late Friday in an email titled “Employee Retention.” . . At the end of last year, SVB employed 8,528 people.
Staff have been told to continue working remotely, with the exception of essential workers and branch workers.
The FDIC did not immediately respond to a request for comment.
The Silicon Valley bank imploded after depositors rushed to withdraw their deposits, concerned for the financial health of the lender. The frenetic two-day run on the bank surprised observers and stunned markets, wiping out more than $100 billion in market value for US banks. SVB was the 16th largest bank in the United States at the end of last year with assets of around $209 billion and deposits of $175.4 billion.
last update
Watch 2 more stories
Members of the California congressional delegation are scheduled to be briefed by FDIC officials on Saturday, according to a report from Politico, which quotes two people familiar with the situation.
The lender’s main office in Santa Clara, Calif., and all of its 17 branches in California and Massachusetts will reopen Monday, the FDIC said in a statement Friday.
Reporting by Lananh Nguyen in New York and Pete Schroeder in Washington; Edited by Megan Davies, Franklin Paul and Paul Simao
Our standards: The Trust Principles.