Silicon Valley Bank on Friday paid out annual bonuses to eligible U.S. employees, just hours before the bank was seized by the U.S. government, Axios has learned from multiple sources.
They went ahead with collecting their bonuses, just as the run on their bank reached the crisis stage.
State of play: An unknown number of SVB employees were emailed by the FDIC on Friday evening, offering them employment with the remnant organization for the next 45 days.
- The employees would be compensated 1.5x times their normal salaries, while hourly workers would receive 2x their normal wages for overtime.
- An FDIC spokesperson tells Axios: “Without commenting on salaries, it’s our standard practice to ask retain [sic] bank employees to assist with an orderly transition as part of our resolution process.”
Bankster rules: ‘Heads, you lose, Tails, we win’