Beat me to the punch by about an hour ;-) I just tried submitting this.
This was a really good explainer podcast by NPR's Planet Money back in 2009 on the FDIC takeover of a community bank in Washington State which covers this:
Among other aspects, it addresses what happens to employees of the failed bank:
The FDIC agents announce that, through the weekend, the staffers will be temporary employees of the FDIC. Stay and help us, the agents say.
FDIC liquidators themselves often come from previously-failed banks as well, though that's a small fraction of former banks' employees.
(Obvious relation to SVB's failure should of course be obvious.)
Beat me to the punch by about an hour ;-) I just tried submitting this.
This was a really good explainer podcast by NPR's Planet Money back in 2009 on the FDIC takeover of a community bank in Washington State which covers this:
Among other aspects, it addresses what happens to employees of the failed bank:
The FDIC agents announce that, through the weekend, the staffers will be temporary employees of the FDIC. Stay and help us, the agents say.
FDIC liquidators themselves often come from previously-failed banks as well, though that's a small fraction of former banks' employees.
(Obvious relation to SVB's failure should of course be obvious.)