We’ve written about the Silicon Valley Bank (SVB) bankruptcy in several articles in recent weeks. The crisis that began more than two weeks ago is far from over, as the public still lacks confidence in US regional banks and some still fear that more banks may fail.
An SVB employee spoke to Insider and told them how they experienced the bank’s collapse. As he said, the bank’s employees were completely surprised when they were taken over by the government agency that oversees the banking sector, the FDIC, and they themselves first learned of it from the news.
Meanwhile, they did not receive clear instructions on what to say to their customers – who wanted to withdraw their money from the bank, but could not access it – in this case.
It was a complete mess. I ate one piece of bread a day and slept two or three hours at most
He remembers.
The employee said that too to the insiderdespite the bewilderment and chaos, almost without exception, the customers were very patient and understanding towards them, and they were not angry at all, but because of this, the workers only felt bad, because they could not help them (the customers were later assured by the US government that it would restore its deposits).
Bank employees lost a lot of money
The SVB employee also mentioned that the bank’s employees also lost a lot of money in the crisis, as many of them received their salaries in SVB shares (the shares completely lost their value due to the bank’s bankruptcy). “I tried to keep the personal side of it, but we lost a lot. And many workers got more than 50 percent of their annual salary in rations,” the employee added:
I in recent years more than 1 million dollars [átszámítva ez kb. 360 millió forint – a szerk.] You received shares worth now that have been reduced to zero.
Previously, Sharon Stone also talked about losing a lot of money in the banking crisis – although she had a chance to get her money back later.
The employee who spoke to Insider finally brought up the fact that, despite everything, SVB employees focused on customers, not their own problems, in the midst of a crisis. He also touched on the fact that they still do not know what will happen to them, while other banks in crisis have either been sold or received help from other players in the banking sector.
Meanwhile, as we mentioned, the crisis is not over yet, and it is not only affecting the United States, but it has also reared its head in Europe. This had a consequence Credit Suisse’s historic takeover happened a week ago, but people are still concerned that the crisis could spill over into other institutions.
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