SVB UK doles out $18M in bonuses after HSBC bailout
TL;DR Summary
Silicon Valley Bank's UK subsidiary gave out $18 million in staff bonuses after being purchased by HSBC in a rescue deal. The bonus pool was described as "modest," ranging from $18 million to $24 million, and included senior executives. The payouts were approved by HSBC, and insiders said they would not have been given if the bank had not been solvent at the time of acquisition. SVB staff in the US also reportedly received annual bonuses just hours before the bank collapsed on March 10.
- Silicon Valley Bank UK hands out $18M in bonuses after HSBC rescue New York Post
- SVB UK handed out over 15 million sterling in bonuses days after HSBC rescue, Sky News reports Reuters
- Millions paid in bonuses to UK Silicon Valley Bank staff days after £1 rescue The Guardian
- SVB UK (SIVB) Bonuses After HSBC Rescue for £1 Bloomberg
- HSBC buys Silicon Valley Bank UK to protect startups from fizzling out TechRepublic
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