New owner of Silicon Valley Bank lays off nearly 500 employees

New owner of Silicon Valley Bank lays off nearly 500 employees

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San Francisco. First Citizens Bankshare Inc., the new owner of US-based Silicon Valley Bank (SVB), has laid off nearly 500 SVB employees. According to an email sent to all employees by First Citizens CEO Frank Holding, the job cuts do not include client-facing positions or any members of the company’s support team in India, The San Francisco Standard reported.

In addition, it is clear that in order to remain competitive, we must make decisions to right-size our scope and scale, said a message from the holding to the company’s employees.

The employees who were laid off were informed in meetings with HR staff that they would continue to be employed by the bank till June 9.

According to a director-level employee, more layoffs are possible.

In addition, the report noted that after the acquisition, SVB employees complained about a culture clash as it was taken over by First Citizens Bank, which had been a major financial player for decades.

Silicon Valley Bank became the largest bank to fail after the 2008 financial crisis.

With $209 billion in total assets at the end of last year, it was among the top 20 US commercial banks, according to the Federal Deposit Insurance Corporation (FDIC).(IANS)

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