Axios reports that First Citizens Bancshares Inc. FCNCA, +0.43% has laid off almost 500 former Silicon Valley Bank employees on Wednesday. The majority of them were in the commercial banking division of the failed bank. First Citizens Bancshares Inc. made the move after agreeing to purchase virtually all of the loans and assets from the institution created by the FDIC in order to replace SVB – Silicon Valley Bridge Bank, N.A. Axios reported that the layoffs accounted for less than 3% First Citizens’ total staff. According to Axios, First Citizens CEO Frank Holding Jr. stated in an email sent to employees that “given the challenges SVB will face in early 2023 it is becoming increasingly obvious that we need to make decisions in order to right-size and scale our scope in order to remain competitive.” First Citizens did respond immediately to a comment request. Shares fell 0.5% in midday trade.