The swift collapse shocked employees across the firm, including in its investment banking division.The bartender of the Gem Saloon on Manhattan's east side was preparing for the Friday lunch crowd when a group of a dozen or so people stormed in. They asked her to flip to CNBC so they could watch the coverage of Silicon Valley Bank, their employer that was being seized by federal regulators.
"We don't know about severance pay or if we're going to have our jobs, any sort of detail like that," a New York City-based SVB employee told Insider."We're pretty much in the dark, and so it's all out of our hands at this point."For years SVB, headquartered in Santa Clara, California, was the go-to bank for Silicon Valley startups and entrepreneurs.
A locked door to a SVB location in Menlo Park, California, on Friday. The announcement on the door was from the FDIC, which took control of SVB on Friday.By Friday afternoon, a client note was circulating internally that shed some light on the matter. It read:"Operations of the SVB Securities broker dealer are distinct from the receivership of SVB Financial."
The SVB Securities employee called the whirlwind leading up to SVB's meltdown as"scary, scary stuff."
They all are being let go unfortunately. Look At history when a bank closes they let all the employees go
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank stocks plunge after implosions at Silicon Valley Bank and SilvergateBank stocks plunge after implosions at Silicon Valley Bank and Silvergate Capital send 'shock waves' through the sector
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: CNBC - 🏆 12. / 72 Read more »
Source: CNBC - 🏆 12. / 72 Read more »