SVB’s Collapse: The Human Toll

　　A Troubled Lender’s Employees Face Financial Losses and Uncertainty

　　The failure of Silicon Valley Bank (SVB) and Signature Bank earlier this month sent shockwaves through the financial world, prompting intervention from the Federal Deposit Insurance Corporation (FDIC) to protect depositors’ funds. But beyond the financial implications, the collapse of these banks has had a profound impact on the lives of their employees, particularly those at SVB.

　　Stock Losses and Financial Uncertainty

　　Many SVB employees received a significant portion of their annual salaries in the form of company stock. With the collapse of SVB, the value of this stock has plummeted, leaving many employees facing substantial financial losses. One employee told Insider that their SVB stock, once worth over $1 million, is now worthless.

　　Emotional Toll and Lack of Support

　　The emotional toll on SVB employees has been immense. In the days following the bank’s collapse, tensions were so high that managers had to remind their teams to keep eating. Employees felt left out in the cold, learning about the FDIC intervention from the news rather than from the company itself.

　　Employee Stock Purchase Plan

　　SVB’s employee stock purchase plan (ESPP) allowed staffers to contribute up to 10% of their earnings to purchase company stock at a discount. The shares were purchasable at a discounted rate of 85% of their fair market value. It is unclear whether the company had additional stock-based compensation policies in place.

　　Personal Sacrifices and Unsung Heroes

　　Despite their own financial worries, SVB employees remained focused on their clients during the crisis. They worked tirelessly to ensure that clients could make payroll, putting their own concerns aside. As one employee told Fortune, “If we can stop the bleeding and the deposit outflow, that will be the greatest story ever told. It will be the people who worked here that saved it.”

　　High-Profile Losses and Lessons Learned

　　SVB’s collapse also resulted in significant losses for high-profile investors, including Mark Cuban and actress Sharon Stone. Sweden’s largest pension fund, Alecta, is facing over $1 billion in losses. These losses serve as a reminder of the risks associated with investing in financial institutions.

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