DelhiDesk In March 2022, three banks in the United States failed, causing panic among clients. Silicon Valley Bank and Signature Bank failed within the same weekend, followed by First Republic Bank. First Republic Bank lost $100 billion in deposits after Silicon Valley Bank’s collapse, leading to its own collapse. The banks’ failures led to layoffs for employees at Silicon Valley Bank and First Republic Bank. JP Morgan laid off nearly 1,000 First Republic Bank employees, while First Citizens Bank laid off about 500 Silicon Valley Bank employees. The banks’ failures were attributed to their catering to a wealthy clientele, which helped them grow deposits rapidly but may have also contributed to their undoing.
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👉 In March 2022, United States witnessed three bank failures – Silicon Valley Bank, Signature Bank, and First Republic Bank.
👉 The simultaneous bank collapses triggered panic among clients.
👉 First Republic Bank lost $100 billion in deposits after Silicon Valley Bank’s collapse led to panic among wealthy clients. Its stock plummeted 75% as a result.
👉 First Republic Bank became the second large regional bank with assets over $200 billion to fail in just a few weeks.
👉 In order to bring the failed US banks afloat, budget fix for the banks has led to lay-offs for Silicon Valley Bank (SVB) and First Republic Bank employees by their buyers – First Citizens Bank and JP Morgan.
👉 The huge layoffs have angered, upset, and numbed the former employees.
👉 Silicon Valley Bank (SVB) was shut down in March 2023 by the California Department of Financial Protection and Innovation.
👉 JP Morgan notified nearly 1,000 First Republic Bank employees that they will no longer have a job as it integrates the failed lender it bought earlier this month.
👉 First Citizens Bank of Raleigh, North Carolina, said it was cutting about 500 jobs, or about 3% of its workforce.
👉 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.
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