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Silicon Valley Bank employees received annual bonuses hours before collapse
Posted on 3/13/23 at 11:39 am
Posted on 3/13/23 at 11:39 am
Just The News
The amount of the bonuses is uncertain, but previous years' bonuses have been as much as $140,000.
Employees at Silicon Valley Bank reportedly received their annual bonuses just hours before government regulators seized control of the financial institution.
The California bank traditionally has paid employee bonuses on the second Friday of March, people with knowledge about the matter told CNBC on Saturday.
The payout for 2022 bonuses happened to fall on Friday, Silicon Valley Bank's last day as an independent institution before the California Department of Financial Protection & Innovation closed it down. The Federal Deposit Insurance Corporation subsequently stepped in to take control of the bank.
The amount of the bonuses is uncertain, but other Silicon Valley Bank bonuses have ranged from about $12,000 a year for associates to around $140,000 for managing directors, according to Glassdoor.
The amount of the bonuses is uncertain, but previous years' bonuses have been as much as $140,000.
Employees at Silicon Valley Bank reportedly received their annual bonuses just hours before government regulators seized control of the financial institution.
The California bank traditionally has paid employee bonuses on the second Friday of March, people with knowledge about the matter told CNBC on Saturday.
The payout for 2022 bonuses happened to fall on Friday, Silicon Valley Bank's last day as an independent institution before the California Department of Financial Protection & Innovation closed it down. The Federal Deposit Insurance Corporation subsequently stepped in to take control of the bank.
The amount of the bonuses is uncertain, but other Silicon Valley Bank bonuses have ranged from about $12,000 a year for associates to around $140,000 for managing directors, according to Glassdoor.
6
Posted on 3/13/23 at 11:41 am to cajunangelle
quote:
The California bank traditionally has paid employee bonuses on the second Friday of March, people with knowledge about the matter told CNBC on Saturday.
The payout for 2022 bonuses happened to fall on Friday, Silicon Valley Bank's last day as an independent institution before the California Department of Financial Protection & Innovation closed it down. The Federal Deposit Insurance Corporation subsequently stepped in to take control of the bank.
Eek.
Talk about bad timing from a PR standpoint.
I wonder if the checks bounced?
This post was edited on 3/13/23 at 11:42 am
Posted on 3/13/23 at 11:46 am to Godfather1
That was my first thought as well. 
Biden will save them and blame Trump.
Biden will save them and blame Trump.
Posted on 3/13/23 at 11:46 am to cajunangelle
That’s a bad look. I’m sure they had been accruing that all last year, but what amazingly bad timing.
Posted on 3/13/23 at 12:25 pm to cajunangelle
Make them return the money in next 24 hours or send 30 FBI to their homes at 4 AM with CNN of course filming
Posted on 3/13/23 at 12:27 pm to cajunangelle
For a bonus? Jesus Christ no wonder they went under.
Posted on 3/13/23 at 12:28 pm to GoldenGuy
quote:
For a bonus? Jesus Christ no wonder they went under.
What do you mean?
Posted on 3/13/23 at 12:29 pm to cajunangelle
quote:
Silicon Valley Bank employees received annual bonuses hours before collapse
Shocking I tell you, I'd have never guessed they'd have gotten their money out just in time, I guess they're just lucky
Posted on 3/13/23 at 12:30 pm to Mo Jeaux
quote:
What do you mean?
Those numbers aren’t higher than I’d expect.
A little meaningless without salary though
And compensation has nothing to do with what happened
This post was edited on 3/13/23 at 12:32 pm
Posted on 3/13/23 at 1:17 pm to cajunangelle
Those bonuses should be clawed back. But they won’t.
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