It's been just over three weeks since First Citizens agreed to buy failed Silicon Valley Bank, and it's not going great.
Dozens of commercial bankers have already left, including more than 40 to HSBC and another 20 to MUFG.Factors driving some of the departures have included resetting of seniority , weaker benefits packages and a lack of clarity around decision-making and strategy.First Citizens never got to conduct the sort of due diligence that's typical of a large merger, due to the exigent circumstances of SVB.
First Citizens CEO Frank Holding has only appeared in one all-hands meeting for SVB employees, skipping the subsequent Monday gatherings. In short, First Citizens is being hands off when many of its SVB employees want more action and direction.Some sources believe that First Citizens leapt into a transaction that made sense financially, due to the loan discounts and loss-sharing agreements, but that it didn't map out a strategic vision or integration plans for what it bought.
"Not only did the bank fail, but you had a two-week lull period where clients and employees got impacted," he says. "It's kind of like shutting down a power plant and then turning it back on. It takes a lot of work to get the wheels spinning again."
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