Year-end Bonuses
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Silicon Valley Bank’s Ambiguity in the Face of Financial Crisis
On March 12, CNBC quoted people familiar with the matter as reporting that a few hours before the takeover of the Federal Deposit Insurance Corporation (FDIC), Silicon Valley Bank (SIVB) issued the year-end bonus to American employees on Friday (March 10) as scheduled. This payment is for the work completed in 2022, and was already being processed a few days before the bank failed. Employees of Silicon Valley Bank received year-end bonus hours before FDIC took over on Friday Analysis based on this information:The ongoing economic turmoil and the looming possibility of bankruptcy in the financial industry have shaken the global markets. In this context, the news that Silicon Valley Bank (SIVB) made year-end bonus payments to their American employees a few hours before the Federal Deposit Insurance Corporation (FDIC) takeover on March 12, comes as a surprise. According to reports from people familiar with the matter, the payment was scheduled on March 10, and it is for the work…
