How SVB employees are coping after being ordered to leave the office, from polishing their resumes to hitting the bar: 'We're pretty much in the dark'
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."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silicon Valley Bank spooks Silicon ValleySilicon Valley Bank, long one of the most popular financial institutions among tech and life sciences startups, saw its shares fall more than 60% on Thursday, wiping out a whopping $9.4 billion in market value.
Read more »
Column: The Silicon Valley Bank collapse is Silicon Valley's problem, not yours'Based on the information that has been made public, the bank unwisely put its eggs in one basket by taking deposits from an insular group of depositors: venture-funded startups.' Column by hiltzikm:
Read more »
Silicon Valley Bank Rocked, Bank Shares PlummetA financial free fall is happening right now in the Bay Area. One of the most trusted local banks is in trouble and now there’s growing concern that some companies are withdrawing their funds, which could spell doom.
Read more »
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
Read more »
Silicon Valley Bank drops another 45%, weighing on the bank sector againShares of SVB Financial Group, known as Silicon Valley Bank, tumbled for a second day Friday and weighed on the whole banking sector again.
Read more »
Silicon Valley Bank drops another 60%, weighs on the bank sector againShares of SVB Financial Group, known as Silicon Valley Bank, tumbled for a second day Friday and weighed on the whole banking sector again.
Read more »