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SVB UK handed out over 15 million stg in bonuses days after HSBC rescue - Sky News

Published Mar 18, 2023 07:29AM ET Updated Mar 18, 2023 10:30AM ET
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© Reuters. FILE PHOTO: Destroyed SVB (Silicon Valley Bank) logo and UK flag is seen in this illustration taken March 13, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(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.

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.

"HSBC has honoured these previously agreed payments so as to retain talent and demonstrate its confidence in the bank," a spokesperson for HSBC UK told Reuters.

SVB UK did not immediately respond to Reuters requests for comment.

In the United States, 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)

SVB UK handed out over 15 million stg in bonuses days after HSBC rescue - Sky News
 

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Comments (8)
Waldemar Gau
Waldemar Gau Mar 19, 2023 6:15AM ET
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bank is highly profitable. bank Run caller should be arrested
Santosh Oak
Santosh Oak Mar 18, 2023 4:27PM ET
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Day light robbery!Is any government thinking of arresting the crooks ?
mark johnson
mark johnson Mar 18, 2023 12:54PM ET
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Well done. So “Retain talent” that doesn’t know how interest rates work on debt in a rising rate environment. That’s like “you maxed your credit card and can’t pay, well done heres some money”.
Tom Cur
Tom Cur Mar 18, 2023 12:20PM ET
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Amazing. Getting bonuses for miss-managenent and tax payers bailouts.
JIM VETTER
JIM VETTER Mar 18, 2023 11:00AM ET
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Just more to prove the have is rigged and bankers/ politicians are the worst of the worst
BILL Hinson
BILL Hinson Mar 18, 2023 8:00AM ET
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Fuc¥ the little man
Jan Buyle
Jan Buyle Mar 18, 2023 7:51AM ET
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Gangsters!
Martijn WN
Speculeerbeer Mar 18, 2023 7:35AM ET
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You ruined the bank. Here is a bonus.
Deependra Pratap Singh
Deependra Pratap Singh Mar 18, 2023 7:35AM ET
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🤣🤣
Waldemar Gau
Waldemar Gau Mar 18, 2023 7:35AM ET
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bank is profitable. There was abletter before collapse, what people should move Out all deposits Out the bank. Shorts will get tax free gains now... government is involved in the crime
 
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