Silicon Valley Bank Collapse Leads to Mass Layoffs by Acquirer

First Citizens Bank laid off 500 employees after purchasing Silicon Valley Bank’s assets in March.
The layoffs targeted select corporate positions but spared customer-facing and India-based employees.
Silicon Valley Bank failed in March after interest rate hikes and withdrawals from tech clients caused a bank run.
The failure of Silicon Valley Bank led to strain for other banks and more job losses in the industry.
The acquisition of Silicon Valley Bank by First Citizens Bank led First Citizens Bank to cut jobs to adjust to a smaller scale.