First Citizens Bancshares Inc. FCNCA laid off nearly 500 former Silicon Valley Bank staff on Wednesday, Axios reported, with most in the failed bank’s commercial banking segment. The move was made after First Citizens Bank in March agreed to buy up virtually all the loans and other assets from the institution set up by the FDIC to replace SVB — Silicon Valley Bridge Bank N.A. A source told Axios the layoffs made up less than 3% of First Citizens’ full staff. “Given the challenges faced by SVB in early 2023, it is increasingly clear that we must make decisions to right-size our scope and scale to remain competitive,” First Citizens Chief Executive Frank Holding Jr. said in an email to employees, according to Axios. First Citizens did not immediately respond to a request for comment. Shares fell 0.5% in midday trade.

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