Acquirer of Silicon Valley Bank announces layoffs at the failed institution; no impact on team based in India

The bank that acquired the remnants of Silicon Valley Bank after it failed amid a March bank run announced layoffs Wednesday. First Citizens Bank of Raleigh, North Carolina, said it was cutting about 500 jobs, or about 3% of its workforce.

CEO Frank Holding said the move would only affect “select” corporate Silicon Valley Bank positions, adding that neither employees in customer-facing jobs, nor members of a team based in India, would be impacted.

Silicon Valley Bank was caught unprepared when the Federal Reserve hiked interest rates earlier this year, a move that reduced the value of its reserves of Treasury bonds. It was walloped again when the tech clientele it had courted rushed to withdraw their funds.