SVB Financial Seeks Up to $12.6 Million in Executive Bonuses

SVB Financial Group has asked for bankruptcy court permission to implement a program that would award up to $12.6 million in bonuses to nine executives involved with its venture capital and credit investment arm.

Silicon Valley Bank’s bankrupt former parent is aiming to implement a plan that would allow it to pay incentive bonuses to the executives if they meet various performance metrics, the company said in a motion filed Tuesday with the US Bankruptcy Court for the Southern District of New York.

The nine executives became employees of First-Citizens Bank & Trust Co. when it acquired the subsidiary bank ...