Regulators are requesting SVB employees to stay on for the next 45 days

Founders and venture capitalists aren't the only ones experiencing volatility right now: Silicon Valley Bank employees are seeing their jobs in flux as their employer falls apart. SVB, which was closed down yesterday, is now being run by regulators. And while employees are no longer employed by the bank, they got an email from "the office of the CEO" saying that they have jobs for the next 45 days at 1.5x their current salary.

The email, confirmed by multiple sources to TechCrunch, says that the enrollment process for all SVB employees into the Deposit Insurance National Bank of Santa Clara (DINBSC) will happen through the weekend. Along with the uptick in pay and momentary employment, the email explains that hourly workers will be paid double if they work overtime. Employment for all is contingent on “acceptable performance."

“The FDIC requests that all existing Silicon Valley Bank employees working in the United States, including essential contractors, continue their work for the DINBSC,” the email reads.

SVB had additionally sent out a memo to employees advising them to work from home until further notice, as it engages in “conversations to determine next steps for the bank,” according to typically reliable market tracker Delta One. This weekend's memo says that existing remote work arrangements should continue except for “essential staff, branch employees, and contractors.”

"Without commenting on salaries, it’s our standard practice to ask bank employees to assist with an orderly transition as part of our resolution process," an FDIC spokesperson told TechCrunch over email.