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Silicon Valley Bank's new owner lays off about 500 employees
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IANS | 25 May, 2023
First Citizens BancShares Inc, the new owner of the US-based Silicon
Valley Bank (SVB), which collapsed in March, has laid off about 500 SVB
employees.
According to an email sent to all employees
by First Citizens CEO Frank Holding, the job cuts did not include any
client-facing positions or any members of the company's support team in
India, reports The San Francisco Standard.
Moreover, a message
from Holding to the company employees said, "It is increasingly clear
that we must make decisions to right-size our scope and scale to remain
competitive".
Workers who were laid off were informed in meetings
with human resources staff that they would remain employed by the bank
until June 9, with further details regarding severance followed by
email.
According to one director-level employee, more layoffs are possible.
Further,
the report mentioned that following the acquisition, SVB employees
complained about a cultural clash as the First Citizens Bank took over
what had been a leading financial player for decades.
The Silicon Valley Bank became the largest bank to fail since the 2008 financial crisis.
It
was among the top 20 American commercial banks, with $209 billion in
total assets at the end of last year, according to the Federal Deposit
Insurance Corporation (FDIC).
The sudden collapse of the bank sent the markets tumbling and left billions of dollars in the hands of investors and companies.
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