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 U.S. regulator that took control of the collapsed lender on Friday, according to an email to staff seen by Reuters.
SVB ranked as the 16th biggest bank in the United States at the end of last year, with about $209 billion in assets and $175.4 billion in deposits.
"Everyone is working with FDIC to stabilize the situation as quickly as possible," California Governor Gavin Newsom said in a statement. The lender's main office in Santa Clara, California and its 17 branches in California and Massachusetts will reopen on Monday, the FDIC said in aSVB Securities, a broker-dealer owned by the bank's former parent group, said on Saturday that its business would not be directly impacted by Silicon Valley Bank's failure.
Some businesses with holdings at the failed bank are already receiving offers from hedge funds to buy their stranded deposits for as little as 60 cents on the dollar, Semafor, a news website, reported on Saturday, citing people familiar with the matter. Reporting by Lananh Nguyen in New York and by Pete Schroeder and Jason Lange in Washington; Editing by Megan Davies, Franklin Paul and Paul Simao
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Silicon Valley Bank spooks Silicon ValleySilicon Valley Bank, long one of the most popular financial institutions among tech and life sciences startups, saw its shares fall more than 60% on Thursday, wiping out a whopping $9.4 billion in market value.
Leer más »
Column: The Silicon Valley Bank collapse is Silicon Valley's problem, not yours'Based on the information that has been made public, the bank unwisely put its eggs in one basket by taking deposits from an insular group of depositors: venture-funded startups.' Column by hiltzikm:
Leer más »
SVB Financial's surprise deposit drop causes mayhem with Silicon Valley lenderA cauldron of trouble from lack of deals to a cash crunch in the tech sector as a surprise drop in deposits causes SVB Financial to scramble for its life.
Leer más »
SVB Financial bonds sink to 31 cents on the dollar after failure of Silicon Valley BankHeavy trading in SVB Financial debt push its 10-year bonds as low as 31 cents on the dollar on Friday after the failure of its subsidiary Silicon Valley...
Leer más »
Silicon Valley investors and founders express shock at sudden collapse of SVBThe technology industry is struggling to make sense of and account for potential repercussions of Silicon Valley Bank's sudden collapse.
Leer más »
Silicon Valley bites the hand that feeds it in SVB bank runSilicon Valley Bank was forced to shutter after its core depositors — startup companies — took their money out in a shocking bank run, leaving many...
Leer más »