Employees who agree to stay on with the failed bank also will receive 1.5 times their normal pay for the next 45 days, with hourly workers getting double their normal rate, Axios reported Saturday.
said the bonuses likely ranged from $14,000 each for associates to $140,000 apiece for managing directors, based on figures posted on the Glassdoor website.Meanwhile, the Federal Deposit Insurance Corporation reportedly emailed an unknown number of workers at the nation’s 16th-largest bank on Friday evening and offered them temporary jobs.
The resulting, $1.8 billion loss led SVB to announce the sale of $2.25 billion in common equity and preferred convertible stock Thursday, but investors got spooked after clients began pulling their money from the bank. On Friday, SVB tried and failed to find alternative funding — including by selling the company — leading the FDIC announce the bank had been shut down and placed in receivership.
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