Insiders reportedly said the significant payouts to SVB UK staff were in an effort to honor 'previous agreed payments' and 'retain key staff'
It was reportedly"unclear" how much had been awarded to SVB UK’s CEO, Erin Platts,"or her senior colleagues," however the sources described the bonus pool as “modest,” and said that it totalled “between £15m and £20m" .
While the insiders reportedly noted that if SVB UK “not been acquired solvently,” the bonuses wouldn’t have “been paid this week,” one insider reportedly “pointed out” that the stock held by senior executives and other employees had been “rendered worthless” by SVB UK’s near-collapse.Another insider reportedly added that the bonus payments were “a signal of HSBC’s confidence in the talent base” at SVB UK, and was to honor “previous agreed payments” in an effort to “retain key staff.
SVB UK previously stated in a March 17 tweet that it was"delighted" to now be part of HSBC, after 14 years of supporting and"growing the UK's innovative economy."
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