Silicon Valley Bank (SVB) employees were offered jobs 45 days and wages of 1.5 salaries by the government agency (Federal Deposit Insurance Corp – FDIC) that took control of SVB which collapsed yesterday, according to an email to the bank’s staff, which was read by Reuters.

The bank’s employees will be registered and given information about their weekend benefits from the FDIC, while details of their insurance coverage will be provided by the bank’s former parent company SVB Financial Group, the FDIC said. in an email sent late last night titled “Employee Retention”. SVB had 8,528 employees at the end of 2022.

Bank staff have been instructed to continue their work remotely, except for employees whose presence is necessary for the operation of the bank, but also employees in bank branches.

The FDIC did not immediately respond to a request for comment on the developments.