Silicon Valley Bank
According to a report, the SVB paid performance bonuses shortly before closing.
(Photo: Reuters)
According to a media report, the Californian Silicon Valley Bank (SVB) paid out annual bonuses shortly before its collapse. Eligible employees of the money house received their performance bonuses a few hours before the US government closed them down, the US news website Axios reports on Saturday. SVB, which specializes in financing tech startups, was shut down by regulators on Friday after its shares posted a record one-day loss on Wall Street on Thursday, wiping out around $80 billion in market values.