HSBC-owned Silicon Valley Bank UK (SVB UK) has reportedly granted between £15m and £20m ($18.26 million and $24.35 million USD) in employee bonuses just days after HSBC rescued the struggling bank for £1.
The payout to staff and senior executives was signed off by HSBC UK Bank, according to unnamed sources cited in a March 18 Sky News report.
While insiders claimed the bonus pool was “modest,” it is unclear how much SVB UK’s CEO, Erin Platts, or her senior colleagues were awarded.
The bonus payments were described as a signal of HSBC’s confidence in SVB UK’s talent base and were intended to honor previously agreed payments in order to retain key staff.
SVB UK was recently shut down by the Bank of England, which declared that it had no critical functions supporting the financial system.
