Silicon Valley Bank UK paid millions of pounds in bonuses to its staff days after its acquisition by HSBC in a rescue deal.
The acquisition occurred after the California-based bank collapsed, sparking concerns in the banking industry.
The new owner, HSBC, approved the payouts, describing the bonus pool as "modest", ranging from £15m to £20m.
The bonus payment signaled HSBC's intention of retaining key staff and showed confidence in SVB UK's talent base.
The UK bank, which employs around 700 people, remains profitable.
The UK arm of the collapsed Silicon Valley Bank is reported to have paid £15m to £20m in bonuses to staff within days of being acquired by HSBC.
The Guardian describes the payouts as "millions of pounds," while the NY Post values them at over $18m.
The Telegraph calls the bonuses "employee bonuses" while Sky News describes them as "employee bonuses" and "awards" previously agreed by SVB UK.
The deal between SVB UK and HSBC came about via a Bank of England-orchestrated rescue operation that saved the UK bank from financial collapse.
Sky News notes that while SVB UK is a profitable business, it was brought to the brink of collapse due to the issues of its American parent company.
The Guardian observes that the bank's collapse eight days ago had triggered concerns of a new banking crisis, including rumors of a global banking crisis.
The sources concur that some of the bonuses were paid to senior executives, but disagree regarding the characterization of the bonus pool.
The NY Post describes it as ranging from $18 million to $24 million, the Guardian refers to it as "modest".
One insider explained to The Telegraph that the award was a sign of HSBC's confidence in the talent base at its new purchase.