Wednesday, May 24, 2023

Report: First Citizens Cuts 500 SVB Employees

According to a report this morning, First Citizens Bancshares has laid off just under 500 Silicon Valley Bank employees--most of them in SVB's commercial banking business. According to Axios, none of the eliminated positions were "client facing" and did not include any India-based support staff. Silicon Valley Bank had an outsized presence in Southern California's technology sector, as it did with the entire technology and startup world. SVB failed in March and was taken over by the FDIC, after a run on the bank by its customers. It's unclear how many of the affected SVB employees are based in Southern California. (Editor's note: Silicon Valley Bank was a previous sponsor of this site.)