SVB Capital Lays Off Investment Pros

SVB Capital, the fund-of-funds unit of Silicon Valley Bank, last week laid off seven employees, including five investment professionals.

Firm spokeswoman Carrie Merritt said, in part: “It was a case of prioritization. For example, we’re looking at a broad global program that has taken on more of an Asia-centric focus, so we had some people in London who didn’t make as much sense to have, in terms of appropriate staffing… We also were looking to centralize some things like research with the larger SVB organization, so we basically tightened up some of those.”

SVB Capital had approximately 40 total staffers prior to the layoffs.