SVB UK handed out over 15 million stg in
bonuses days after HSBC rescue - Sky News
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[March 18, 2023]
(Reuters) -Silicon Valley Bank's UK arm handed out over 15
million pounds ($18 million) in bonuses days after its rescue deal this
week by HSBC, Sky News reported on Saturday. |
Destroyed SVB (Silicon Valley Bank) logo and
UK flag is seen in this illustration taken March 13, 2023. REUTERS/Dado
Ruvic/Illustration/File Photo |
Payouts to staff including senior executives were signed off by
HSBC earlier in the week, the report said, adding that the
bonuses would not have been paid this week if SVB UK had not
been acquired while still solvent.
Sky cited sources familiar with the matter as saying the bonus
pool was "modest" at 15 million to 20 million pounds.
SVB UK and HSBC did not immediately respond to Reuters requests
for comment.
In the U.S., parent company SVB Financial Group said on Friday
it had filed for a court-supervised reorganization under Chapter
11 bankruptcy proceedings to seek buyers for its assets, days
after former unit Silicon Valley Bank was taken over by U.S.
regulators.
($1 = 0.8214 pounds)
(Reporting by Jyoti Narayan in Bengaluru; Editing by Frances
Kerry and Hugh Lawson)
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