Silicon Valley Bank quietly laid off employees as tech firms in its backyard also slashed jobs
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 non-client 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.
"Unfortunately, our efforts to slow spending over the past several months have not been enough and these reductions are necessary," the email read.
https://www.msn.com/en-us/money/companies/silicon-valley-bank-quietly-laid-off-employees-as-tech-firms-in-its-backyard-also-slashed-jobs/ar-AA18Cyep
In other words they knew the shit was about to hit the fan.
