Silicon Valley Bank’s implosion sent shockwaves through startups.
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Silicon Valley Bank’s sudden implosion came as a surprise for both investors and employees.
On LinkedIn, staffers say they’re “proud” of where they worked and “heartbroken” over its demise.
Hussin Baig says he’s “thankful” but also “confused” because he “grew up” at Silicon Valley Bank.
An employee says he’s feeling “anxious, sad, and confused” following Silicon Valley Bank’s collapse because he “grew up” working there.
In a LinkedIn post Friday, Hussin Baig — who says he’s worked in the bank’s global treasury sales department since 2015 — said it’d been a “a difficult day for all of us at SVB.”
That’s the day Silicon Valley Bank was taken over by federal regulators at the FDIC. It’s the largest US bank collapse since 2008.
Only last month, Silicon Valley Bank ranked among the top 20 in Forbes’ latest list of best US banks. Its sudden implosion was a shock to both employees and investors, many of whom are now scrambling to raise cash.
Baig wrote on LinkedIn: “I remember my first day on the job in 2015, newly engaged and eager to blaze a trail for my career. Eight years later, marriage, two beautiful kids, I reflect on today and I can’t help but feel nothing else but thankful.”
He’s one of many Silicon Valley Bank employees expressing how they feel on LinkedIn. Many say they’re “proud” of where they worked and are “heartbroken” about its demise.
Dan Allred, who says he’s worked at Silicon Valley Bank for more than 20 years, wrote on LinkedIn: “We built something truly great, not just a bank and a brand, but real relationships that I know will endure.”
Jaquelynne Elliot, who says she’s a managing director of the bank in Utah, wrote: “There are no words to adequately describe the emotional turmoil of the past 48 hours. It has been gut wrenching. I am heartbroken.”
She added: “I will forever be grateful for the help SVB provided to my family after my mom had her stroke and for the IVF benefits that allowed us to bring our sweet Lucy into the world after years of heart-wrenching losses.”
Ilya Klets, who says he’s “loved” working at Silicon Valley Bank over the past three years, asked: “How do you describe your feelings when your Family Home burns down in less than 48 hours?”
The FDIC has offered Silicon Valley Bank staffers 45 days of employment at 1.5 times their salary, according to an email seen by Reuters.
Workers can expect further details about benefits and healthcare over the weekend, per the news agency.
Silicon Valley Bank, Baig, Allred, Elliot, and Klets did not immediately respond to requests for comment from Insider.