Acquirer of Silicon Valley Bank announces layoffs at the failed institution

The bank that acquired the remnants of Silicon Valley Bank after it failed amid a March bank run has announced layoffs. First Citizens Bank said Wednesday that 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. He added that neither employees in customer-facing jobs at Silicon Valley Bank, nor members of a team based in India would be impacted. Silicon Valley Bank was caught unprepared when interest rates rose earlier this year, putting pressure on its reserves of Treasury bonds, then walloped when the tech clients it had courted rushed to withdraw their funds.