NEW YORK, March 12 — Employees of Silicon Valley Bank were offered 45 days of employment at one and a half times their salary by the Federal Deposit Insurance Corp, the US regulator that took control of the collapsed lender on Friday, according to an email to staff seen by Reuters.
Silicon Valley Bank imploded after depositors, concerned about the lender’s financial health, rushed to withdraw their deposits. The frenetic two-day run on the bank blindsided observers and stunned markets, wiping out more than US$100 billion in market value for US banks. “Everyone is working with FDIC to stabilise the situation as quickly as possible,” California Governor Gavin Newsom said in a statement.
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