Silicon Valley Bank's UK arm handed out over 15 million pounds ($18 million) in bonuses days after its rescue deal this week by HSBC, Sky News reported on Saturday.
Destroyed SVB logo and UK flag is seen in this illustration taken March 13, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
March 18 - Silicon Valley Bank's UK arm handed out over 15 million pounds in bonuses days after its rescue deal this week by HSBC, Sky NewsPayouts to staff including senior executives were signed off by HSBC earlier in the week, the report said, adding that the bonuses would not have been paid this week if SVB UK had not been acquired while still solvent.
Sky cited sources familiar with the matter as saying the bonus pool was "modest" at 15 million to 20 million pounds. "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.In the United States, parent company SVB Financial Group
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