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Reuters: First Citizens Sues HSBC for Hiring Away Silicon Valley Bank Staff

May 23, 2023, 07:30 AM
Filed Under: Banking News

Reuters reported that First Citizens BancShares, which acquired Silicon Valley Bank, is suing HSBC Holdings PLC accusing it of poaching more than 40 employees in order to launch its own U.S. venture banking business. In the lawsuit, First Citizens said it is seeking more than $1 billion in damages.

According to the Reuters report, First Citizens in Monday's lawsuit claims that David Sabow, who led SVB's technology and healthcare banking segment and moved to HSBC in March, orchestrated the alleged scheme to steal SVB's business.

First Citizens says Sabow and five other former SVB officials, all of whom are also named as defendants in the lawsuit, convinced about 40 other SVB employees to jump to HSBC in April, according to the Reuters report.

Read the Reuters report here.

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