HSBC sued for $1bn by new SVB owner for 'plundering' staff - reports

Dubbed Project Colony

HSBC has been accused by First Citizens, which acquired Silicon Valley Bank after its collapse, of breaking the law by poaching more than 40 employees from the failed American bank.

First Citizens is suing HSBC, which acquired the British arm of SVB following its sudden failure in March, for $1bn for "brazenly" seeking to "plunder" trade secrets, according to reports, which HSBC has declined to comment on. California regulator admits 'inadequate' oversight of SVB Claims in the lawsuit state HSBC and a former senior SVB banker co-ordinated the scheme, dubbed "Project Colony", to strip the "core of [SVB's] profitability engine" in the form of certain staff. HSBC bought SVB UK for £1 in March, days after the implosion of its American owner, a regional lender bas...