Bloomberg Law
March 11, 2023, 6:55 PM

SVB’s New Owner, the FDIC, Gives Workers 45 Days of Employment

John Sage
Katanga Johnson

The Federal Deposit Insurance Corporation added a few new employees to its payroll late Friday, taking on workers from shuttered Silicon Valley Bank, at least for a few weeks, as it serves as receiver of the collapsed lending institution.

The newly-formed entity, the Deposit Insurance National Bank of Santa Clara, or DINBSC, sent a letter to employees offering 45 days of employment, according to a copy of the message seen by Bloomberg. After the 45 days, the employees will be let go, the letter states.

The company and its subsidiaries had more than 8,500 employees worldwide as of Dec. ...