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Post by sevenofnine on Mar 18, 2023 11:27:12 GMT -5
Well they got bailout kinda of 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 news.sky.com/story/silicon-valley-bank-uk-arm-hands-out-16315m-in-bonuses-days-after-1631-rescue-12836853?dcmp=snt-sf-twitter&fbclid=IwAR2H4JhNLD6UsKDpXR79f6XxL4NO6AO9iEgB4tp4syH_tPYGsSshZfu3Sds
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