SVB changes executive bonuses after DOJ pushback: report ...Middle East

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SVB changes executive bonuses after DOJ pushback: report
SVB Financial Group, the bankrupt former parent of Silicon Valley Bank, reportedly said it is changing its executive bonuses after pushback from the Department of Justice, according to a Bloomberg report. James Bromley of Sullivan & Cromwell said Tuesday that bonus benchmarks for nine leaders of SVB Capital, the capital and investment arm of SVB Financial Group, are now more “substantive and focused,” Bloomberg reported.  The total payout for executives at lower performance benchmarks was reduced by $500,000, Bromley reportedly said, while the top level of payouts increased by $500,000 as well. This comes after the U.S. Trustee Program, the nation’s “bankruptcy watchdog,” argued the

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