'First Citizens Lays Off Almost 500 Silicon Valley Bank Employees' - Axios
Portfolio Pulse from Happy Mohamed
First Citizens Bancshares laid off nearly 500 Silicon Valley Bank employees, primarily in the commercial banking business, following its acquisition of the failed lender. The layoffs represent around 3% of First Citizens' total workforce.
May 24, 2023 | 2:44 pm
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
First Citizens Bancshares' acquisition of Silicon Valley Bank led to the layoff of nearly 500 employees, primarily in the commercial banking business.
The layoffs are a result of First Citizens Bancshares' acquisition of Silicon Valley Bank. While the layoffs represent 3% of the company's workforce, it is unclear how this will impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 100
NEGATIVE IMPACT
Silicon Valley Bank, now a part of First Citizens Bancshares, saw nearly 500 employees laid off, primarily in the commercial banking business.
The layoffs at Silicon Valley Bank are a direct result of its acquisition by First Citizens Bancshares. The loss of employees, primarily in the commercial banking business, may negatively impact the bank's operations and stock price in the short term.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 100