Investing
SVB UK handed out over 15 million stg in bonuses days after HSBC rescue – Sky News
© 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.
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)
Read the full article here
12 Big Ideas From Business Books Published In 2024
3 Key Ways to Train Your Franchisees
Work Better from Anywhere with This Portable Touchscreen Monitor
Why Emotional Intelligence Is the Key to High-Impact Leadership
Spain stocks higher at close of trade; IBEX 35 up 0.33% By Investing.com
Kickstart Your Year With These Entrepreneurial Health Checkups
Expand Your Global Reach with Access to More Than 150 Languages for Life
KFC Announces Saucy, a Chicken Tenders-Focused Spinoff
This AI is the Key to Unlocking Explosive Sales Growth in 2025
Palantir, Anduril join forces with tech groups to bid for Pentagon contracts, FT reports By Reuters
Debt ceiling debate and its effect on the U.S. dollar
Debt ceiling default: Still no deal between parties
Stovall: If the U.S. defaults on its debt, all S&P 500 sectors will likely fall
What China's weaker-than-expected economy could mean for U.S. markets
A ‘Big Short’ investor sees financial disaster brewing in housing markets — again
-
Side Hustles6 days agoKickstart Your Year With These Entrepreneurial Health Checkups
-
Side Hustles5 days agoExpand Your Global Reach with Access to More Than 150 Languages for Life
-
Side Hustles4 days agoKFC Announces Saucy, a Chicken Tenders-Focused Spinoff
-
Side Hustles5 days agoThis AI is the Key to Unlocking Explosive Sales Growth in 2025
-
Investing4 days agoPalantir, Anduril join forces with tech groups to bid for Pentagon contracts, FT reports By Reuters
-
Side Hustles3 days ago4 Ways Content Can Make or Break the Customer Experience
-
Passive Income7 days ago5 Key Success Factors of Thriving Entrepreneurs
-
Passive Income6 days agoHow to Motivate, Inspire and Energize Your Employees