SVB’s UK arm issues 15M pounds in bonuses after symbolic bailout: Report
Silicon Valley Bank UK (SVB UK) has granted millions of pounds in employee bonuses, just days after it was rescued by global banking giant HSBC for just 1 British pound, according to unnamed sources.
In a March 18 Sky News report citing unnamed sources, it was reported that payouts to SVB UK staff and senior executives were signed off “earlier this week” by HSBC UK Bank — the institution which acquired SVB UK for 1 British pound ($1.22) on March 13.
It was reportedly “unclear” how much had been awarded to SVB UK’s CEO, Erin Platts, “or her senior colleagues,” however, the sources described the bonus pool as “modest” and said that it totaled “between £15m and £20m” (approximately $18.26 million and $24.35 million).
While the insiders reportedly noted that if SVB UK had “not been acquired solvently,” the bonuses wouldn’t have “been paid this week.” One insider reportedly “pointed out” that the stock held by senior executives and other employees had been “rendered worthless” by SVB UK’s near-collapse.
Related: Failed tech bank SVB held over $5B for prominent crypto VCs: Report
Another insider reportedly added that the bonus payments were…
Silicon Valley Bank UK (SVB UK) has granted millions of pounds in employee bonuses, just days after it was rescued by global banking giant HSBC for just 1 British pound, according to unnamed sources.
In a March 18 Sky News report citing unnamed sources, it was reported that payouts to SVB UK staff and senior executives were signed off “earlier this week” by HSBC UK Bank — the institution which acquired SVB UK for 1 British pound ($1.22) on March 13.
It was reportedly “unclear” how much had been awarded to SVB UK’s CEO, Erin Platts, “or her senior colleagues,” however, the sources described the bonus pool as “modest” and said that it totaled “between £15m and £20m” (approximately $18.26 million and $24.35 million).
While the insiders reportedly noted that if SVB UK had “not been acquired solvently,” the bonuses wouldn’t have “been paid this week.” One insider reportedly “pointed out” that the stock held by senior executives and other employees had been “rendered worthless” by SVB UK’s near-collapse.
Related: Failed tech bank SVB held over $5B for prominent crypto VCs: Report
Another insider reportedly added that the bonus payments were…
