Silicon Valley Bank staff were offered 45 days of work at 1.5 times salary

The Federal Deposit Insurance Corp (FDIC), the regulatory body that took control of the bankrupt bank on Friday, offered employees of Silicon Valley Bank 45 days of employment at 1.5 times his salary, according to an email sent to staff and seen by Reuters.

Workers will be enrolled and given benefits information 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 titled “Employee Retention.” SVB had a workforce of 8,528 employees at the end of last year.

Staff were told to continue working remotely, except for essential workers and branch employees.

The FDIC He did not immediately respond to a request for comment.

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Silicon Valley Bank imploded after depositors, worried about the health of the lender, rushed to withdraw their deposits. The two-day frenzy of deposit withdrawals stunned observers and stunned markets, wiping out more than $100 billion of the market value of US banks.

At the end of last year, SVB was the 16th largest bank in the United States, with $209 billion in assets and $175.4 billion in deposits.

The lender’s main office in Santa Clara, California and its 17 branches in California y Massachusetts will reopen on Monday, the FDIC said in a statement on Friday.

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