First-Citizens Sues HSBC For Poaching Dozens Of SVB Staff
Portfolio Pulse from Benzinga Newsdesk
First-Citizens Bank & Trust Co. has filed a lawsuit against HSBC Bank USA, accusing it of poaching dozens of Silicon Valley Bank (SVB) staff members. The lawsuit alleges that HSBC violated non-solicitation agreements and engaged in unfair competition.
May 22, 2023 | 5:42 pm
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HSBC Bank USA faces a lawsuit from First-Citizens Bank & Trust Co. for allegedly poaching dozens of SVB staff members and violating non-solicitation agreements.
The lawsuit filed by First-Citizens Bank against HSBC may have a negative short-term impact on HSBC's stock price. Legal disputes can lead to reputational damage, financial penalties, and increased scrutiny from regulators, which may affect investor sentiment.
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