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.
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