Silicon Valley Bank quietly laid off some employees as tech firms in its backyard also slashed jobs

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.

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.

Read the full report from NBC News.

RELATED LINKS

• Is my money safe? What you need to know about bank failures
• After two historic US bank failures, here’s what comes next
• Can the chaos from Silicon Valley Bank’s fall be contained?
• Class action suit filed against Silicon Valley Bank parent
• One of Silicon Valley’s top banks fails; assets are seized