FILE - A Silicon Valley Bank sign is shown in San Francisco, March 13, 2023. A class action lawsuit is being filed against the parent company of Silicon Valley Bank, its CEO and its chief financial officer, saying that company didnt disclose the risks that future interest rate increases would have on its business. The lawsuit is looking for unspecified damages to be awarded to those who invested in SVB Financial Group between June 16, 2021 and March 10, 2023. (AP Photo/Jeff Chiu, file) (Jeff Chiu, Copyright 2023 The Associated Press. All rights reserved)
SANTA CLARA, Ca. – Months before it became the second-largest bank in U.S. history to fail, Silicon Valley Bank quietly laid off 100 to 120 employees, according to an internal email seen by NBC News.
The layoffs, done in January, represented only about 1.4% of SVB’s 8,500 employees. Two people familiar with the layoffs, who spoke on the condition on anonymity, told NBC News that the layoffs appeared to be concentrated in nonclient-facing roles, particularly in recruiting and talent acquisition.
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An email sent Jan. 11 by the company’s chief human resources officer said “change and uncertainty” in the economic outlook were to blame for the job cuts.
