Silicon Valley Bank staff offered 45 days of work at 1.5 times pay

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Employees of Silicon Valley Bank were offered 45 days of employment at one and a half times their salary by the Federal Deposit Insurance Corp, the US regulator that took control of the collapsed lender, according to an email to staff seen by Reuters.

imploded after depositors, concerned about the lender’s financial health, rushed to withdraw their deposits. The frenetic two-day run on theblindsided observers and stunned markets, wiping out more than $100 billion in market value for USin the United States at the end of last year, with about $209 billion in assets and $ing with FDIC to stabilize the situation as quickly as possible,” California Governor Gavin Newsom said in a statement.

The lender’s main office in Santa Clara, California and its 17 branches in California and Massachusetts will reopen on Monday, the FDIC said in a statement on Friday.‘s former parent group, said on Saturday that its business would not be directly impacted by

Source: Insurance Report (insurancereport.net)

 

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