Employees of Silicon Valley Bank — a subsidiary of SVB Financial Group (NASDAQ:SIVB) — have reportedly been offered 45 days of employment at 1.5 times their salary following the collapse of the bank, which has sent shockwaves globally.
What Happened: The Federal Deposit Insurance Corp (FDIC) — the U.S. regulator that took control of Silicon Valley Bank on Friday — offered the bank’s employees 45 days of work at 1.5 times their salary, according to an email sent to staff, reported Reuters.
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