employee of Silicon Valley Bank — a subsidiary of SVB Finance Group SIVB – were reportedly offered 45 days of employment at 1.5 times her salary collapse of the bankthat sent shockwaves around the world.

What happened: The Federal Deposit Insurance Corp (FDIC) — the U.S. regulatory agency that took control of Silicon Valley Bank on Friday – offered the bank’s employees 45 days of work at 1.5 times their salary, according to an email to employees, reported Reuters.

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In an email titled “Employee Retention,” the FDIC informed bank employees — excluding those who are key workers and branch workers — that they should continue to work remotely. The FDIC also stated that workers would receive information about their benefits, while the SVB Financial Group would provide health care details.

According to Reuters, Silicon Valley Bank employed 8,528 people at the end of 2022.

SVB Financial Group struggled to raise additional capital, prompted by concerns about cash burn and liquidity Bank stocks plummet last Thursday and Friday. Amid fears for the bank’s financial stability, depositors rushed to withdraw their funds, leading to the Bank implodes.

Cryptocurrency companies and investors were among those affected through the collapse. The technology and biotech industries, two of the largest sectors that have financial ties to and deposits with Silicon Valley Bank, can also experience a ripple effect.

After the collapse of the bank hedge fund manager Bill Ackman searched immediately Government Actions. On Saturday, Ackman tweeted“The government has about 48 hours to fix a soon-to-be-irreversible bug.”

Continue reading: EXCLUSIVE: No, the collapse of Silicon Valley Bank doesn’t mean the sky’s falling: here’s why

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