Staff of Silicon Valley Bank have been provided 45 days of employment at 1.5 instances their wage by the Federal Deposit Insurance Corp, the regulator that took management of the collapsed lender on Friday, Reuters reported Saturday.
Workers can be enrolled and given details about advantages over the weekend by the FDIC, and healthcare particulars can be offered by the previous guardian firm SVB Financial Group
SIVB,
the FDIC wrote in an electronic mail late Friday entitled “Employee Retention.” SVB had a workforce of 8,528 on the finish of final 12 months.
Staff have been instructed to proceed working remotely, aside from important staff and department workers.
The FDIC didn’t instantly reply to a request for remark.
Silicon Valley Bank was closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation (FDIC) was appointed receiver, turning into the primary FDIC-backed establishment to fail this 12 months. SVB ranked because the sixteenth greatest financial institution within the U.S. on the finish of final 12 months, with about $209 billion in belongings and $175.4 billion in deposits.
See: Silicon Valley Bank branches closed by regulator in greatest financial institution failure since Washington Mutual
The lender’s major workplace in Santa Clara, California and all of its 17 branches in California and Massachusetts will reopen on Monday, the FDIC stated in an announcement Friday.
Source web site: www.marketwatch.com
