Employees of Silicon Valley Bank were offered 45 days of employment at 1.5 times their salary by the Federal Deposit Insurance Corp, the regulator that took control of the collapsed lender on Friday, according to an email to staff seen by Reuters.
A locked door to a Silicon Valley Bank location on Sand Hill Road is seen in Menlo Park, California, U.S. March 10, 2023. REUTERS/Jeffrey Dastin/File Photo
NEW YORK, March 11 - Employees of Silicon Valley Bank were offered 45 days of employment at 1.5 times their salary by the Federal Deposit Insurance Corp, the regulator that took control of theWorkers 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
, the FDIC wrote in an email late Friday entitled "Employee Retention." SVB had a workforce of 8,528 at the end of last year.The FDIC did not immediately respond to a request for comment.
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