Silicon Valley Bank employees received annual bonuses hours before collapse: report

The amount of the bonuses is uncertain, but previous years' bonuses have been as much as $140,000.

Published: March 12, 2023 10:57am

Updated: March 12, 2023 12:55pm

Employees at Silicon Valley Bank reportedly received their annual bonuses just hours before government regulators seized control of the financial institution. 

The California bank traditionally has paid employee bonuses on the second Friday of March, people with knowledge about the matter told CNBC on Saturday.

The payout for 2022 bonuses happened to fall on Friday, Silicon Valley Bank's last day as an independent institution before the California Department of Financial Protection & Innovation closed it down. The Federal Deposit Insurance Corporation subsequently stepped in to take control of the bank.

The amount of the bonuses is uncertain, but other Silicon Valley Bank bonuses have ranged from about $12,000 a year for associates to around $140,000 for managing directors, according to Glassdoor.

Silicon Valley Bank was shut down after depositors rushed to withdraw money last week. The institution's collapse is the largest U.S. bank closure since the 2008 financial crisis when Washington Mutual was shut down. 

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