First Citizens lays off hundreds of Silicon Valley Bank employees

RALEIGH, N.C. — Raleigh-based First Citizens Bank is laying off hundreds of former employees at Silicon Valley Bank.

The bank confirmed the layoffs on Wednesday.

CEO Frank Holding Jr. disclosed the news through a companywide email today, calling the layoffs “difficult but necessary actions to ensure that our workforce and costs are appropriate for a bank our size.”

The layoffs come almost two months after First Citizens acquired Silicon Valley Bank after it collapsed and was seized by regulators. And, just days earlier, First Citizens filed a lawsuit against competitor HSBC, accusing it of poaching more than 40 SVB employees.

Read more here.

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