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.”
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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.
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