Silicon Valley Bank hiring 80 in Britain as tech investment rebounds

LONDON: United States-based Silicon Valley Bank is midway through hiring around 80 bankers in Britain, as it bucks the trend of peers who are shrinking during the coronavirus crisis.

The Santa Clara, California-headquartered lender is converting its London-based branch into a full subsidiary, as it bets on finding technology investment opportunities for private equity firms with piles of cash sitting on the sidelines."We are starting to see pockets of activity already, the influx of U.S.

The bank has hired 30 staff in the first half of the year and is on track to increase its headcount in Britain from 250 at the start of 2020 to 330 by year-end, Platts said.British high street banking rivals are meanwhile laying off staff, as they attempt to cut costs as Britain heads into its worst economic recession in recent memory.

"Historic levels of fundraising by private equity means there is a lot of capital on the sidelines, much of it time-bound, and they need to invest,” Platts said. Fundraising in the U.S. for tech investment has continued at a frenzied pace despite the pandemic, with over 100 special purpose acquisition companies currently hunting for fast-growing companies to buy, data from SPAC Research show.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Coronavirus forces Malaysia's palm oil industry to rethink foreign labour hires, turn to new techKUALA LUMPUR (REUTERS) - Malaysia's palm oil producers are embarking on a rare recruitment drive to hire locals and accelerating industry mechanisation as they grapple with a severe shortage of foreign labour due to the coronavirus pandemic.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

80% of S’pore companies see revenues decline so far in 2020, 8% have retrenched workers: SurveySINGAPORE — While about 80 per cent of businesses have seen their revenues decline so far this year, only 8 per cent have retrenched workers, preliminary findings from a new survey showed on Tuesday (Aug 18).
Source: TODAYonline - 🏆 1. / 99 Read more »