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I suspect that’s why they are offering 1.5-2x comp for SVB employees at the moment. They know the SVB systems. They are these power to get out of the situation.
by lbotos 4y ago
I suspect that’s why they are offering 1.5-2x comp for SVB employees at the moment. They know the SVB systems. They are these power to get out of the situation.
I imagine the same would happen in other situations.
- sgerenser 4y agoWhat? AFAIK the FDIC just keeps paying employees as normal. Where’d you hear about 1.5-2x comp, except perhaps in the event they’re hourly employees working overtime, which would just fall under normal overtime rules not some special FDIC bonus.
- mikeyouse 4y agoEmployees at SVB have roughly the same game theory decisions to stay or leave as depositors did. It costs nothing to leave right now and go work for a rival bank, but the last person out the door is going to have a very hard time… there are only a certain number of jobs / job opening for their roles so the FDIC did indeed offer a premium to keep them around. https://www.forbes.com/sites/jackkelly/2023/03/11/some-silicon-valley-bank-workers-will-be-offered-a-premium-to-their-salary-to-help-the-fdic-start-sorting-things-out/amp/ https://www.forbes.com/sites/jackkelly/2023/03/11/some-silic...
- adastra22 4y agoThey are paying 1.5x for retention.