HSBC sued by Silicon Valley Bank’s new owner for ‘poaching’ staff

Silicon Valley Bank collapsed in March, and HSBC bought its British unit for £1
Silicon Valley Bank collapsed in March, and HSBC bought its British unit for £1
JEFF CHIU/AP

First Citizens, which acquired Silicon Valley Bank after its collapse, has sued HSBC over claims that the FTSE 100 lender illegally poached dozens of the collapsed American firm’s employees.

HSBC, which acquired the British arm of SVB following its abrupt failure in March, stands accused of “brazenly” seeking to “plunder” trade secrets. HSBC declined to comment.

A complaint filed in San Francisco federal court claimed that HSBC and a group of former SVB employees orchestrated a scheme to steal its business.

The British bank bought SVB UK for £1 in March, days after the implosion of its American owner, a regional lender based in California. Weeks later, First Citizens, based in North Carolina, acquired most of the remaining business.

Now First Citizens is accusing HSBC