In a companywide email Wednesday morning, First Citizens Chairman and CEO Frank Holding Jr. said his Raleigh, North Carolina-based bank is laying off former employees of Silicon Valley Bank, the failed financial institution that First Citizens purchased two months ago.
Holding said some of the cuts will be “effective today.” His message came two days after First Citizens sued a rival bank for $1 billion over allegedly poaching 42 former Silicon Valley Bank employees.
“Given the challenges faced by SVB in early 2023, it is increasingly clear that we must make decisions to right-size our scope and scale to remain competitive,” Holding wrote. “As a result, we are taking difficult but necessary actions to ensure that our workforce and costs are appropriate for a bank our size.”
