HSBC Bosses Knew of Plan to Get SVB Secrets, First Citizens Says

Senior executives at HSBC Holdings Plc were aware of an alleged plan by a US unit to poach employees and steal trade secrets from Silicon Valley Bank shortly after First Citizens Bank & Trust Co. bought the failed lender last year, according to a revised lawsuit filed Wednesday in San Francisco.

First Citizens initially sued in May, claiming HSBC’s David Sabow, a former SVB executive, spearheaded a scheme called “Project Colony” to hire 42 SVB employees and obtain confidential information. First Citizens now alleges HSBC Chief Executive Officer Noel Quinn and Michael Roberts, the head of the bank’s ...