HSBC Buys British Arm of Silicon Valley Bank for £1
HSBC announced on Monday its acquisition of the UK arm of Silicon Valley Bank (SVB) for a nominal price of £1, rescuing a key lender for tech startups in the UK. Noel Quinn, CEO of HSBC, highlighted the strategic value of the acquisition, stating, “This acquisition makes excellent strategic sense for our business in the […]
Silicon Valley Bank Employees Offered 45 Days of Work at 1.5 Times Salary
Following the collapse of Silicon Valley Bank (SVB), the Federal Deposit Insurance Corp (FDIC) has offered employees 45 days of employment at 1.5 times their regular pay. The FDIC, which took control of SVB on Friday, communicated this offer to staff via an email titled “Employee Retention,” according to information obtained by Reuters. Employees will […]
The Collapse of Silicon Valley Bank
On March 10, 2023, Silicon Valley Bank (SVB) collapsed following a rapid bank run, making it the third-largest bank failure in U.S. history. The SVB failure was part of a broader banking crisis in March 2023, alongside the failures of Silvergate Bank and Signature Bank. SVB’s troubles began when the bank invested heavily in long-term […]
