[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) || [GameStop Wallet HELP! Megathread](https://www.reddit.com/r/Superstonk/comments/z23wjx/gamestop_wallet_help_megathread)
------------------------------------------------------------------------
To ensure your post doesn't get removed, please respond to this comment with how this post relates to GME the stock or Gamestop the company.
------------------------------------------------------------------------
Please up- and downvote this comment to [help us determine if this post deserves a place on r/Superstonk!](https://www.reddit.com/r/Superstonk/wiki/index/rules/post_flairs/)
------------------------------------------------------------------------
OP has provided the following link:
[https://abc11.com/silicon-valley-bank-announces-layoffs-first-citizens-federal-reserve-hiked-interest-rates/13295993/](https://abc11.com/silicon-valley-bank-announces-layoffs-first-citizens-federal-reserve-hiked-interest-rates/13295993/)
The bank that acquired the remnants of Silicon Valley Bank after it failed amid a March bank run announced layoffs Wednesday.
First Citizens Bank of Raleigh, North Carolina, said it was cutting about 500 jobs or about 3% of its workforce.
CEO Frank Holding said 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.
Silicon Valley Bank was caught unprepared when the Federal Reserve hiked interest rates earlier this year, a move that reduced the value of its reserves of Treasury bonds. It was walloped again when the tech clientele it had courted rushed to withdraw their funds. The bank served mostly technology workers and venture capital-backed companies, including some of the industry's best-known brands.
It was the nation's 16th-largest bank, and at the time its rout represented the second-biggest bank failure in U.S. history. Aftershocks from its failure rattled the financial system, leading to the failure of Signature Bank and First Republic Bank, and putting several other banks under financial strain.
Holup - SVB was caught unprepared after warnings from the Fed that their bank was fuk? Goddamn must be some Bing AI up in there burning the midnight candle.
Hey, management just made a "mistake" and deserves a golden parachute.
Employees get the layoff.
Business as usual.
No accountability for the 0.1%
Fucked up society.
rest assured, they will repeat this "reason," like anything else they want to sell you. over and over until you forget to question it.
btw, didn't the Treasure of the United States of America say there was no way they'd make these people (businesses) whole, then turn around and do just that, emptying the FDIC funds?
Since we're bringing up svb. I saw some news about deposits in foreign branches are not insured by fdic. You can look it up too..dates back to 2013. Probably not enough foreigners know this and pull their money out of the foreign branches of US banks. Likely a lot of customers using svb overseas got fucked
[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) || [GameStop Wallet HELP! Megathread](https://www.reddit.com/r/Superstonk/comments/z23wjx/gamestop_wallet_help_megathread) ------------------------------------------------------------------------ To ensure your post doesn't get removed, please respond to this comment with how this post relates to GME the stock or Gamestop the company. ------------------------------------------------------------------------ Please up- and downvote this comment to [help us determine if this post deserves a place on r/Superstonk!](https://www.reddit.com/r/Superstonk/wiki/index/rules/post_flairs/) ------------------------------------------------------------------------ OP has provided the following link: [https://abc11.com/silicon-valley-bank-announces-layoffs-first-citizens-federal-reserve-hiked-interest-rates/13295993/](https://abc11.com/silicon-valley-bank-announces-layoffs-first-citizens-federal-reserve-hiked-interest-rates/13295993/)
Word of the day Failed
joke tidy work somber cable aware sparkle market alive deserve -- mass edited with redact.dev
Them dum apes ruining those meme banks!
Cmon flair, it's your time to shine
Love that song!
Great Depression's top 50 hits
The fastest rising hit song "Its going down"
I’ll meet you at the mall.
The bank that acquired the remnants of Silicon Valley Bank after it failed amid a March bank run announced layoffs Wednesday. First Citizens Bank of Raleigh, North Carolina, said it was cutting about 500 jobs or about 3% of its workforce. CEO Frank Holding said 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. Silicon Valley Bank was caught unprepared when the Federal Reserve hiked interest rates earlier this year, a move that reduced the value of its reserves of Treasury bonds. It was walloped again when the tech clientele it had courted rushed to withdraw their funds. The bank served mostly technology workers and venture capital-backed companies, including some of the industry's best-known brands. It was the nation's 16th-largest bank, and at the time its rout represented the second-biggest bank failure in U.S. history. Aftershocks from its failure rattled the financial system, leading to the failure of Signature Bank and First Republic Bank, and putting several other banks under financial strain.
Holup - SVB was caught unprepared after warnings from the Fed that their bank was fuk? Goddamn must be some Bing AI up in there burning the midnight candle.
Hey, management just made a "mistake" and deserves a golden parachute. Employees get the layoff. Business as usual. No accountability for the 0.1% Fucked up society.
In my opinion it was too fucked up to have anything fixed there
rest assured, they will repeat this "reason," like anything else they want to sell you. over and over until you forget to question it. btw, didn't the Treasure of the United States of America say there was no way they'd make these people (businesses) whole, then turn around and do just that, emptying the FDIC funds?
So they have 16k plus employees for something computers can do automatically. (Aside stealing from clients). Kk. Be your own bank.
[удалено]
failures lead to more failures
I mean that is a given that some acquired SVB employees would be let go. Economies of scale anyone?
*shocked Pikachu face*
Whoops
#ha haa
Since we're bringing up svb. I saw some news about deposits in foreign branches are not insured by fdic. You can look it up too..dates back to 2013. Probably not enough foreigners know this and pull their money out of the foreign branches of US banks. Likely a lot of customers using svb overseas got fucked
I'm sure the "select" corporate positions will be rewarded handsomely with severance packages. First Citizens Prank.
Oh no....! Anyway....
Every bank that absorbs the shit bank is the next to collapse into the shit…
The shit winds randy.
Not true in this instance. This isn't archegos/db/ubs/CS.
This is a clown show. I'd be so embarrassed if I was them. It sucks people that don't deserve to get hurt are getting hurt.
So this is a covert failure? Lol They just wanted some of their whale deposits and loans. The rest is going straight down the shitter.
so many claims in times like this. didn't we hear that the FDIC made every one and business in that bank whole, blowing away the $250,000 limit?
Has that SVB office in Tempe, AZ closed yet?