SVB’s new owner trims headcount
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.
San Francisco: 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.
