The bank has historically paid employee bonuses on the second Friday of March, according to people with knowledge of the payments.
Silicon Valley Bank employees received their annual bonuses Friday just hours before regulators seized the failing bank, according to people with knowledge of the payments.
The payments were for work done in 2022 and had been in process days before the bank's collapse, these people said. On Friday, SVB CEO Greg Becker addressed workers in a two-minute video in which he said that he no longer made decisions at the 40-year-old bank, according to the sources.employees received their annual bonuses Friday just hours before regulators seized the failing bank, according to people with knowledge of the payments.
The Santa Clara, California-based bank has historically paid employee bonuses on the second Friday of March, said the people, who declined to be identified speaking about the awards. The payments were for work done in 2022 and had been in process days before the bank's collapse, the sources said. This year, bonus day happened to fall on SVB's final day of independence. The institution, in the throes of a
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