First Citizens sues HSBC over SVB departures and data

First Citizens
FCNCA,
+0.70%
is suing HSBC Holdings
HSBC,
-0.21%
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. The suit allegedly says 42 employees resigned en masse to join HSBC, and that ex-SVB employees obtained and misappropriated data.