FCNCA Stock Recent News

First Citizens Bancshares Inc. FCNCA, -0.75% laid off nearly 500 former Silicon Valley Bank staff on Wednesday, Axios reported, with most in the failed bank's commercial banking segment. The move was made after First Citizens Bank in March agreed to buy up virtually all the loans and other assets from the institution set up by the FDIC to replace SVB — Silicon Valley Bridge Bank N.A.

First Citizens FCNCA, +0.06% is suing HSBC Holdings HSBC, +0.55% for more than $1 billion in damages, alleging that the U.K. bank took top bankers and confidential information from fallen Silicon Valley Bank, press reports citing a lawsuit in federal court said. First Citizens bought SVB in the U.S. while HSBC bought its U.K. arm.

First Citizens claims HSBC's move produced an unfair competitive advantage by giving it access to “trade secret information.”

First Citizens BancShares Inc , which acquired Silicon Valley Bank following its collapse, sued HSBC Holdings PLC on Monday, accusing it of illegally poaching more than 40 of the failed bank's employees.

The acquisition was immensely accretive to earnings and First Citizens' tangible book value. The challenge for management is retaining and running SVB's core startup and venture capital businesses.

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First Citizens (FCNCA) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.

Regional banks remain under pressure 10 weeks after the start of the bank crisis. Regulators, JPMorgan's Jamie Dimon aim at short sellers.

While prominent gurus in the financial world have declared the end of the regional banking crises after the failure for four large regional banks, depositors and shareholders of those banks don't necessarily agree.

The Federal Deposit Insurance Corporation was set Thursday to propose levying a special assessment on big banks with high levels of uninsured deposits to replenish the U.S. deposit insurance fund following the failure of Silicon Valley Bank and Signature Bank last month.