Silicon Valley Bank to cut 3% of its workforce, target ‘select’ corporate positions
Silicon Valley Bank's collapse can be attributed to its unpreparedness for the interest rate hike initiated by the Federal Reserve earlier in 2023.
Silicon Valley Bank, once a prominent player in the banking industry, has faced a significant setback as it succumbed to financial difficulties and subsequently went under. Following its collapse earlier in 2023, the remnants of the bank were acquired by First Citizens Bank, based in Raleigh, North Carolina. However, the acquiring bank has now announced layoffs, with approximately 500 positions, or 3% of its workforce, set to be eliminated.