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Silicon Valley Bank crisis: After the closure of Silicon Valley Bank, the concern of startups and investors including India has increased. On the other hand, a special offer has been made towards Federal Deposit Insurance Corp for its employees. Federal Deposit Insurance Corp is the one that has been selected as the receiver of Silicon Valley Bank.
It has been announced by the Federal Deposit Insurance Corp to pay 1.5 times the salary to the employees. However, instead it has been asked to work for 45 days. This decision has been taken after taking control of the Federal Deposit Insurance Corp. Employees have been asked to continue working remotely, except for essential workers and branch staff, reports Reuters.
Who will get 1.5 times salary
According to the report, the FDIC will enroll workers and information about benefits will be given in the week. Health related details will be provided by SVB Financial Group.
Number of employees with the bank
The Silicon Valley bank had 8,528 employees at the end of last year. SVB was ranked as the 16th largest bank in the US at the end of last year, with approximately $209 billion in assets and $175.4 billion in deposits.
100 billion dollars drowned the bank
During the beginning of the week, a crowd gathered to withdraw money from Silicon Valley Bank. In two days, people withdrew record money. Because of this, it also affected the stock market. In such a situation, the bank has suffered a loss of 100 billion dollars in two days. It shows the financial crisis about 15 years back.
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