Silicon Valley Bank Collapses, US Operations Taken Over by First Citizens

Silicon Valley Bank (SVB), a US bank that specialized in serving technology companies, failed in early 2021 and its operations in the US were taken over by First Citizens.

The new owner has announced that around 500 jobs will be cut as part of the acquisition.

The job cuts will primarily affect former SVB workers and do not include personnel in client-facing positions.

The story was first reported by US-based news website Axios.

Under the deal, all 17 former SVB branches were opened under the First Citizens brand.

In the UK, HSBC acquired SVB's British operations, and its profits were boosted by the takeover.

Greg Becker, the former boss of SVB, blamed rising interest rates and withdrawals by customers for the bank's collapse.