Silicon Valley bank bosses sold shares as early as February; Employees are in limbo

Silicon Valley Bank (SVB) collapsed last day. Reports surfaced that key bankers had sold their shares anticipating the crisis. The status of 800 employees in the bank’s India office is in limbo. Silicon Valley Bank has an office in Business Park, Manyatha Embassy, ​​Bengaluru. The Bank has a total of 800 employees in India.

There is not even an official response regarding the future of the bank and the future of the employees. At the same time, figures have come out that top officials of the bank have sold their stake. CEO, CFO, CMO and General Council sold their shares.

Also Read: How did Silicon Valley Bank collapse in the US? Impact on Indian markets as well
The company’s CEO, Greg Becker, had sold 12,450 shares worth $3.57 million on February 26. CFO Daniel Beck sold $0.57 million worth of stock on the same day. CMO Michael Draper first sold $20,000 worth of shares and then sold 809 shares worth $0.19 million.

The Federal Deposit Insurance Corporation has taken control of the bank. 45 days employment opportunity and 1.5 times salary will be given to the employees. But it is not clear whether this will be applicable to employees in India.

Also Read: collapse of US banks; Will the 2008 financial crisis repeat itself?
An employee, who did not wish to be named, told Business Today that everything is uncertain. Most of them worked from home. That is why even after the collapse of the bank, he could not go to the office, he said.

Concerns remained about the US Fed raising interest rates too quickly, another staffer said. He said that he was worried about the financial situation of the bank when there was such a rate hike. At the same time, the employees who are in a precarious situation are cooperating with each other virtually.

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