SVB Changes Executive Bonuses After Justice Department Objection

SVB Financial Group said it agreed with the Justice Department to tweak the financial terms and benchmarks of a plan to pay millions of dollars in bonuses to executives at a subsidiary.

Bonus benchmarks for nine leaders of SVB Capital — the capital and investment arm of the bankrupt company — are now more “substantive and focused,” James Bromley of Sullivan & Cromwell said at a Tuesday hearing. The total payout for executives at lower performance benchmarks was reduced by $500,000, Bromley said, while the top level of payouts was increased by the same amount.