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SVB's UK arm issues 15M pounds in bonuses after symbolic bailout: Report

Published 03/19/2023, 02:14 AM
Updated 03/19/2023, 04:00 AM

Silicon Valley Bank UK (SVB UK) has granted millions of pounds in employee bonuses, just days after it was rescued by global banking giant HSBC for just 1 British pound, according to unnamed sources.

In a March 18 Sky News report citing unnamed sources, it was reported that payouts to SVB UK staff and senior executives were signed off "earlier this week" by HSBC UK Bank – the institution which acquired SVB UK for 1 British pound ($1.22 USD) on March 13.

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