Silicon Vally Bank UK handed out over $18 million in executive bonuses days after HSBC rescued it, and were not regularly scheduled

3/19/2023

Silicon Vally Bank UK handed out over $18 million in executive bonuses days after HSBC rescued it, and were not regularly scheduled, per SkyNews.

Sky cited sources familiar with the matter as saying the bonus pool was "modest" at 15 million to 20 million pounds, per Reuters.

"HSBC has honoured these previously agreed payments so as to retain talent and demonstrate its confidence in the bank," a spokesperson for HSBC UK told Reuters.

Silicon Valley Bank on Friday paid out annual bonuses to eligible U.S. employees, BEFORE the bank collapsed and was seized, per Axios.

The bonuses were for work done during 2022, and were previously scheduled to be disbursed on March 10.

Axios reports some bonuses were not paid as they were also scheduled later.

An FDIC spokesperson told Axios: "Without commenting on salaries, it’s our standard practice to ask retain [sic] bank employees to assist with an orderly transition as part of our resolution process."

Read more: https://unusualwhales.com/news/silicon-valley-bank-on-friday-paid-out-annual-bonuses-to-eligible-u-s-employees-before-the-bank-collapsed-and-was-seized