The UK arm of (formerly) SVB employs around 700 people. The London branch’s “guided demolition” was coordinated with UK Prime Minister Rishi Sunak, who played a pivotal role in an emergency auction that drew interest from several challenger banks, including the Bank of London and Oaknorth. According to insiders, if HSBC hadn’t stepped up, the bonuses wouldn’t have been paid, while another insider pointed out that stock held by senior executives and other employees had been rendered worthless amid the implosion. https://www.activistpost.com/2023/03/svbs-london-bankers-received-up-to-36-million-in-bonuses-days-after-boe-orchestrated-bailout.html