First Citizens to cut 500 jobs

First Citizens BancShares announced on Wednesday it was cutting about 500 jobs of corporate Silicon Valley Bank positions.

First Citizens has acquired Silicon Valley Bank last March after depositors ruched to withdraw their money. Concerned depositors were urged by SVB disclosing a loss of $1.8 billion on bonds purchased before interest rates have spiked.

Frank Holding, CEO of First Citizens said employees in customer-facing jobs and members of India-based team will not be affected. The number of jobs announced to be cut is equivalent to 3 percent of the Bank’s workforce.

The failure of SVB has disrupted the tech sector in specific, since it deeply understood it and supported unconventional idea.