Silicon Valley Bank UK arm hands out £15m in bonuses days after £1 rescue

SKY News ^ | March 18, 2023 | by Mark Kleinman

[Oldeconomybuyer]

The British arm of Silicon Valley Bank (SVB UK) has handed out millions of pounds in employee bonuses just days after its insolvency was averted through a Bank of England-orchestrated rescue deal.

Sky News has learnt that the payouts to staff including its senior executives were signed off by HSBC, SVB UK's new owner, earlier this week.

Sources described the bonus pool as "modest", and said it totalled between £15m and £20m.

It was unclear on Saturday how much had been awarded to Erin Platts, the UK bank's chief executive or her senior colleagues.

One insider said the bonus payments were a signal of HSBC's confidence in the talent base at its new subsidiary and that the buyer had been keen to honour previously agreed payments in order to help retain key staff.

Employing about 700 people in Britain, SVB UK is a profitable business but was brought to the brink of collapse last weekend by the travails of its American parent company.

Had it not been acquired solvently, the bonuses would not have been paid this week, according to insiders.

[Oldeconomybuyer]

[butlerweave]

Silicon Valley Bank the democrat money laundering operation

[antidemoncrat]

The alleged banking crisis seems to be all about protecting the billionaires (at least those supporting governments) and crashing the banks for the Middle Class so the worldwide digital (aka electronic) money can take effect along with a worldwide government.

[ridesthemiles]

15 M Pounds==$18.15 MILLION

20 M Pounds ==$24.2 Million.

ARROGANT BASTARDS

[E. Pluribus Unum]

As long as they sign the NDA.

[Thank You Rush]

“”The British arm of Silicon Valley Bank (SVB UK) has handed out millions of pounds in employee bonuses just days after its insolvency was averted through a Bank of England-orchestrated rescue deal.””

That’s what did Madoff in..He was going to pay out bonuses to employees with what money he still had available after he told the family about what he’d been doing - the night of the company Christmas party. That’s when his sons went to the SEC...