Silicon Valley Bank’s UK subsidiary doled out over $18 million in bonuses this week—just days after HSBC swooped in as part of a rescue deal to save the institution from insolvency.
Payouts to staff, which included senior executives, were given the green light earlier this week by HSBC, SVB UK’s new owner, Sky News reported. HSBC purchased the American bank’s British arm for 1 British pound in a deal facilitated by the Bank of England after its parent company collapsed in a social-media fueled bank run.
The bonus pool was described as “modest,” ranging from $18 million to $24 million, sources told Sky News.
Insiders said that had SVB UK not been solvent at the time of the acquisition, the bonuses would not have been paid.
https://nypost.com/2023/03/18/silicon-valley-bank-uk-arm-gives-18m-in-bonuses/