SVB staff 'offered 45 days of work at 1.5 times salary'
Employees of Silicon Valley Bank have been offered 45 days of employment at 1.5 times their salary by the Federal Deposit Insurance Corp, the regulator that has taken control of the collapsed lender, according to an email sent to staff.
Workers will be enrolled and given information about benefits over the weekend by the FDIC, and healthcare details will be provided by the former parent company SVB Financial Group, the FDIC wrote in an email late on Friday entitled "Employee Retention".
SVB had a workforce of 8528 at the end of last year.
Staff were told to continue working remotely, except for essential workers and branch employees.
Silicon Valley Bank imploded after depositors, concerned about the lender's health, rushed to withdraw their deposits.
The frenetic two-day run on the bank blindsided observers and stunned markets, wiping out more than $US100 billion ($A152 billion) in market value for US banks.
SVB ranked as the 16th biggest bank in the US at the end of last year, with about $US209 billion in assets and $US175.4 billion in deposits.
The lender's main office in Santa Clara, California and all of its 17 branches in California and Massachusetts will reopen on Monday, the FDIC said in a statement on Friday.
The United Kingdom's finance minister spoke to the governor of the Bank of England about SVB's collapse and there are talks with firms affected to discuss the situation, a finance ministry statement said.
Officials from the finance ministry and the Bank of England are working closely together, the statement said, adding that the junior finance minister will discuss the concerns of some affected tech firms with industry representatives later on Saturday.
"The government recognises that tech sector companies are often not cashflow positive as they grow, and that they rely on cash on deposits to cover their day to day costs," the statement said.
The UK's banking system remains strong and resilient, the finance ministry added, saying that the issues affecting Silicon Valley Bank were specific to it and did not have implications for other banks operating in the country.
More than 250 UK tech firm chief executives signed a letter addressed to Jeremy Hunt, the UK chancellor of the exchequer, calling for government intervention, a copy seen by Reuters shows.
"The recent news about SVB going into insolvency represents an existential threat to the UK tech sector," the letter said.
"This weekend the majority of us as tech founders are running numbers to see if we are potentially technically insolvent."
"Most businesses are operating on very fine margins in the current economy and the contagion from the initial insolvencies will be vast and impact the economy far beyond the tech sector," the letter said.
Sky News had reported earlier on Saturday that a UK clearing bank, the Bank of London, was considering a rescue bid for the UK arm of SVB.
That came after the Bank of England on Friday said it was seeking a court order to place SVB UK into an insolvency procedure after US regulators took over parent company SVB Financial Group.
Under insolvency proceedings for banks in the UK, some depositors are eligible for up to 85,000 pounds ($A155,456) of compensation for lost deposits, or 170,000 pounds for joint accounts.
The UK's department for Science, Innovation and Technology is also talking to the affected tech firms.
Hargreaves Lansdown head of money and markets Susannah Streeter said there would be aftershocks in the tech sector next week.
"Urgent talks regarding potential takeovers will be ongoing, with regulators under pressure to negotiate bail outs to avoid further damaging fall out," she said.