Good reddit thread talking about how all these companies that banked with SVB didn't make payroll today as they couldn't draw more than 250k.
Can't imagine SVB can pay their bankers right now.
Have you gone completely pencils down? Have you halted all processes you are running?
Does your email work?
Are you planning to not be paid on the 15th?
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No one is getting paid anything until all depositors are made whole
Look at structure stack of bankruptcy process. Employees at top.
Employees are not at the top. They have a priority unsecured claim behind all secured debt
they are are still preferred, I’d imagine if the assets of secured were held against treasury bonds and they got marked down then the secured pool is smaller.
Might be room for preferred unsecured to get their wages.
Why the hell do these companies do their banking with a random place like svb and not a huge money center bank? It’s unreal how many idiots are in positions of responsibility through corporate America.
Apparently a lot of VC have contracts where the startup founders have to use SVB to get their funding. If anyone is to blame in terms of clients trusting SVB, it's really VC.
I totally get that SVB was trying to do this (as does any bank). Lead left always wants you to use them for treasury services and will try to bully you to do it. Most of the time thats fine when your lead left is a known bank.
More knowledgeable CFOs know this stuff matters. If a smaller bank brings them a good deal, they'll pay the smaller bank good fees but they won't put them lead left above someone more reputable and they sure as hell won't give them treasury services. This is very very annoying to smalller banks but typically how things are done by CFOs who know better.
Above is correct. Word on the street is any VC deals with debt run through SVB had to exclusively use SVB for their banking. And SVB was honestly considered a good brand name until this week
Most money center banks want little to do with risky VC debt so were really locked into SVB
Yes my boy is there and Securities is still getting paid right now and running as usual for now
Wife is in credit there and was paid her bonus + just received an offer a few hours ago offering juiced pay to stay.
Ridiculous. Hope the line of people outside the svb branches trying to pull out their money don't find that out
Why is that ridiculous? You’re in IB and don’t know basic rx law? Employees are always paid what they are owed otherwise there is criminal liability.
From what I heard, SVB bonuses had just cleared the banks before they went under.
How does this restructuring work? Don’t all deposits get distributed to claim holders once the assets are sold? Wouldn’t this prevent the bank from being able to operate since it no longer has deposits?
can the divisions that aren’t reliant on deposits continue to operate while under the FDIC?
I'm assuming SVB Securities is an subsidiary with no upstream guarantee with their parent co debt. Meaning employees have unsecured preferred claim on the assets of the business because there is little secured debt.
Little secured debt against SVB parent company? Sorry not following exactly. So that means the subsidiary can continue to operate?
I'm guessing it would be very hard for SVB securities to win mandates given current circumstances anyways, so guessing they will have to be sold to continue on. Guessing people will leave before that can happen, unless it's bought like next week
Please ubs, buy back the tmt team and make them work 100 hr weeks for you
We are still alive. Payroll and operations will continue to operate as normal. Let no one tell you differently.
https://www.prnewswire.com/news-releases/svb-securities-continues-its-i…
Peak delusion from this ceo. Wow. Wow. Wow.
"We understand that the receivership of Silicon Valley Bank has caused concern among our clients and stakeholders. We want to assure you that SVB Securities is financially stable"
Financially stable? Lmao
Just admit you don’t understand how legal business entities work
Svb securities is dead in the water. Everyone has stopped working since Thursday.
Either they find a buyer in the short term or the mass exodus will begin.
Source?
stop making shit up. we are and will be fine
Listen, I don't know who you are, but you need to stop spreading fake shit everywhere in different threads. SVB Securities is doing fine. As you can see from the press release and analysts within the bank confirming the press release.
It's basic M&A law. When a parent acquires a subsidiary, they don't absorb the liabilities and vice versa. SVB Securities has its own balance sheet. They don't need to liquidate their assets to pay off the commercial side's liabilities. Please take Mergers and Acquisitions 101 and then speak.
It was just reported SVB paid bonuses out right before FDIC took over.
Yeah this is a classic move so their accountants can show even less NI or a higher NL happens all the time
why would they want to do that?
Svb bankers can you confirm?
When svb gets bailed out by taxpayers on monday, get ready for the storm of wrath getting bonuses right before the bailout.
Occupy wallstreet 2.0
It's definitely shit timing (same with the CEO selling shares a few weeks ago) but this stuff was planned a bit ago I assume.
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