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'First Citizens Lays Off Almost 500 Silicon Valley Bank Employees' - Axios

Author: Happy Mohamed | May 24, 2023 09:44am

https://www.axios.com/2023/05/24/scoop-first-citizens-lays-off-almost-500-silicon-valley-bank-employees

 

First Citizens Bancshares on Wednesday laid off just under 500 Silicon Valley Bank employees, two months after buying the failed lender, Axios has learned from multiple sources.

Details: Almost all of the layoffs were in SVB's commercial banking business, rather than its private wealth management group.

  • According to an email sent this morning to all employees by First Citizens CEO Frank Holding, none of the eliminated position were "client facing," nor were they India-based support staff.
    • A source says the layoffs represent around 3% of First Citizens' total workforce.

Posted In: FCNCA SIVBQ


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