First Citizens Claims HSBC’s Silicon Valley Bank Staffing Additions ‘Violated Federal Law’



Reuters reported that First Citizens Bank filed a lawsuit against HSBC after the London-based financial institution hired “dozens” of former Silicon Valley Bank employees to join its U.S. division in April.

First Citizens purchased Silicon Valley Bank out of FDIC receivership following its collapse in March. According to Reuters, First Citizens is alleging that HSBC “violated federal law by hiring away the workers in order to improperly gain access to Silicon Valley Bank’s trade secrets.”

David Sabow, who previously served as head of technology and healthcare in North America for Silicon Valley Bank, was one of the employees added by HSBC in April. According to Reuters, First Citizens’ lawsuit alleges that Sabow and several other people who worked for Silicon Valley Bank and were hired by HSBC “orchestrated the scheme to poach about 40 other SVB staffers and steal the bank’s business.”


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