Silicon Valley Bank’s UK division awarded between £15 million and £20 million in bonuses days after its rescue by HSBC Holdings Plc, Sky News reported Saturday, citing people familiar with the matter.
(Bloomberg) —
Silicon Valley Bank’s UK division awarded between £15 million and £20 million in bonuses days after its rescue by HSBC Holdings Plc, Sky News reported Saturday, citing people familiar with the matter.
SVB UK was bought by HSBC for £1 on Monday. The bonuses were signed off by the bank’s new owners and the payouts to staff include its senior executives, according to Sky, which added that the figure paid to SVB UK’s CEO Erin Platts is unknown.
Read more: HSBC’s £2 Billion Boost for SVB’s UK Unit Caps Frantic Weekend
On March 11, Axios reported that parent company SVB paid out annual bonuses hours before the bank was seized by the US government. The bonuses were previously scheduled to be paid March 10.
A spokesman for SVB UK declined to comment to Sky News on the payments.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.