Silicon Valley Bank employees received bonuses hours before government takeover

March 12, 2023

Silicon Valley Bank employees received their annual bonuses Friday just hours before regulators seized the failing bank, according to people with knowledge of the payments. The size of the payouts couldn't be determined, but SVB bonuses range from about $12,000 for associates to $140,000 for managing directors, according to SVB was the highest-paying publicly traded bank in 2018, with employees getting an average of $250,683 for that year, according to Bloomberg. After its seizure, the FDIC offered SVB employees 45 days of employment, the people said. A spokesman for the FDIC declined to comment on the bonuses.