https://www.reuters.com/markets/us/svb-financial-collapse-repeat-pix-2023-03-11/ Skip to main content Exclusive news, data and analytics for financial market professionals Reuters home * World * Business * Legal * Markets * Breakingviews * Technology * Investigations * More My View Register * * * * * * * * * U.S. Markets 2 minute readMarch 11, 20239:05 PM UTCLast Updated ago SVB staff offered 45 days of work at 1.5 times pay By Lananh Nguyen and Pete Schroeder A locked door to a Silicon Valley Bank location on Sand Hill Road is seen in Menlo Park, A locked door to a Silicon Valley Bank (SVB) location on Sand Hill Road is seen in Menlo Park, California, U.S. March 10, 2023. REUTERS/ Jeffrey Dastin/File Photo * * * * * * * * NEW YORK, March 11 (Reuters) - Employees of Silicon Valley Bank were offered 45 days of employment at one and a half times their salary by the Federal Deposit Insurance Corp, the U.S. regulator that took control of the collapsed lender on Friday, according to an email to staff seen by Reuters. Workers will be enrolled and given information about benefits over the weekend by the FDIC, and healthcare details will be provided by the former parent company SVB Financial Group (SIVB.O), the FDIC wrote in an email entitled "Employee Retention" late on Friday. SVB had a workforce of 8,528 at the end of last year. Staff were told to continue working remotely, except for essential workers and branch employees. The FDIC did not immediately respond to a request for comment. Silicon Valley Bank imploded after depositors, concerned about the lender's financial health, rushed to withdraw their deposits. The frenetic two-day run on the bank blindsided observers and stunned markets, wiping out more than $100 billion in market value for U.S. banks. Latest Updates * BusinesscategoryUK finance minister and Bank of England work to contain SVB fallout, article with image * WorldcategoryBrazil fiscal framework to include rule to track spending, says Haddad, article with image View 2 more stories SVB ranked as the 16th biggest bank in the United States at the end of last year, with about $209 billion in assets and $175.4 billion in deposits. "Everyone is working with FDIC to stabilize the situation as quickly as possible," California Governor Gavin Newsom said in a statement. The lender's main office in Santa Clara, California and its 17 branches in California and Massachusetts will reopen on Monday, the FDIC said in a statement on Friday. SVB Securities, a broker-dealer owned by the bank's former parent group, said on Saturday that its business would not be directly impacted by Silicon Valley Bank's failure. Some businesses with holdings at the failed bank are already receiving offers from hedge funds to buy their stranded deposits for as little as 60 cents on the dollar, Semafor, a news website, reported on Saturday, citing people familiar with the matter. Reporting by Lananh Nguyen in New York and by Pete Schroeder and Jason Lange in Washington; Editing by Megan Davies, Franklin Paul and Paul Simao * * * * * Our Standards: The Thomson Reuters Trust Principles. Read Next * U.S. MarketscategorySilicon Valley Bank's demise began with downgrade threat , article with gallery10:26 PM UTC . Updated undefined ago * BusinesscategoryHedge funds offering to buy startup deposits stuck at Silicon Valley Bank, Semafor reports, article with gallery10:52 PM UTC . Updated undefined ago * U.S. MarketscategorySVB CEO Becker addresses employees with 'heavy heart' in video, article with image1:21 AM UTC * BusinesscategoryUK finance minister and Bank of England work to contain SVB fallout, article with image10:29 PM UTC . Updated undefined ago refinitiv_image_desktop Markets * Britain's finance minister flags back-to-work incentives in budget, article with imageWorldcategory * March 11, 2023 * 10:35 PM UTC * undefined ago Finance minister Jeremy Hunt will set out measures to boost Britain's workforce next week, by offering financial incentives in his budget for parents with young children, disabled people and others to rejoin the workforce. * BusinesscategoryHedge funds offering to buy startup deposits stuck at Silicon Valley Bank, Semafor reports, article with gallery10:52 PM UTC . Updated undefined ago * BusinesscategorySaudi sovereign wealth fund close to deal for Boeing jets, WSJ reports, article with image7:33 PM UTC * TechnologycategoryMeta to end news access for Canadians if Online News Act becomes law, article with image6:12 PM UTC * WorldcategoryAldi to lift fresh produce purchase limits in Britain as shortages ease, article with image6:21 PM UTC Site Index Browse * World * Business * Legal * Markets * Breakingviews * Technology * Investigations, opens new tab * Lifestyle About Reuters * About Reuters, opens new tab * Careers, opens new tab * Reuters News Agency, opens new tab * Brand Attribution Guidelines, opens new tab * Reuters Leadership, opens new tab * Reuters Fact Check, opens new tab * Reuters Diversity Report, opens new tab Stay Informed * Download the App, opens new tab * Newsletters, opens new tab Information you can trust Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day. 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