Former Silicon Valley Bank (SVB) staff in the US face job cuts from new employer First Citizens, according to reports.
Some 500 workers from SVB’s US wing face the axe just two months after the bank’s collapse and ultimate takeover by First Citizens, news website Axios first reported.
Cuts will affect “select SVB corporate functions and do not include any personnel in client-facing positions”, First Citizens' chief executive Frank Holding said in an internal email, seen by the BBC.
"The team in India that supports SVB is not impacted by the changes," he continued.
North Carolina-based First Citizens took on SVB’s US$56bn (£46bn) worth of customer deposits in late March, after a competitive bidding round for the failed lender.
HSBC bought the bank’s UK arm for £1, meanwhile, in a deal facilitated by the Bank of England and UK government to attempt to quell contagion of the collapse in the UK.
SVB’s former chief executive Greg Becker blamed growing interest rates and large numbers of withdrawals from the bank for the collapse, following a social-media-fuelled bank run.
The failure sent ripples across global markets, preceding similar collapses by Signature Bank and First Republic in the US and Credit Suisse in Europe.