Silicon Valley Bank employees were offered 45 days of employment at 1.5 times their wages by the Federal Deposit Insurance Corp, the regulator that took control of the bankrupt creditor on Friday, according to an email to staff seen by Archyde.com.
Workers will be enrolled and provided with benefits information over the weekend by the FDIC, and health care details will be provided by former parent company SVB Financial Group, the FDIC wrote in an email dated Friday and titled “Employee Retention.” SVB employed 8,528 people at the end of last year.
Staff have been asked to continue working remotely, with the exception of essential workers and branch employees.
The FDIC did not immediately respond to a request for comment.
Silicon Valley Bank imploded following depositors, worried regarding the health of the creditor, rushed to withdraw their deposits. The frenzied two-day run on the bank surprised observers and stunned the markets, wiping out more than $100 billion in the market value of U.S. banks.
