According to the lawsuit from the new owners First Citizens, HSBC was told that the bankers could generate $1bn in annual profit within a few years
The teeth of $10bn gift horse Silicon Valley Bank have received a thorough dental examination from acquirer First Citizens Bank. One result is a lawsuit against HSBC.
In March, First Citizens bought the failed tech lender in an auction staged by US banking regulators. It made the acquisition at a $10bn after-tax discount to net value. The market capitalisation of First Citizens jumped from $7bn to $19bn.
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