News

HSBC has hired more than 40 investment bankers who used to work at Silicon Valley Bank, the latest move by the British lender to scoop up parts of the failed tech-focused bank.

A month after HSBC acquired SVB’s UK subsidiary for £1, the bank is now hiring several dozen of its US bankers from First Citizens, which bought much of SVB in an auction handled by the Federal Deposit Insurance Corporation.

The group of ex-SVB bankers will establish a new banking practice catering to tech and healthcare companies, as well as venture capital funds, HSBC said in a statement on Tuesday.

Read more about HSBC here.

Articles You May Like

Here are 9 stocks that can benefit from Fed interest rate cuts
Fed’s Mester sees inflation risks to upside despite better data
Tesla shareholders approve Elon Musk’s record pay deal and move to Texas
Fed’s rate cut signals, inflation data fuel modest UST, muni rally
Lawmakers urge new path forward for transit agencies