US-based Silicon Valley Bank has unveiled plans to recruit around 150 staff in Europe this year.
According to a Reuters report, the lender plans to hire bankers to help US investors connect with European start-ups. Most of the new recruits will be from the UK.
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Silicon Valley Bank UK branch president Erin Platts was quoted by the news agency as saying: “We’ve found the sheer abundance of capital domestically and in Europe chasing innovation businesses, coupled with the quality of companies we are seeing, means there is just massive demand going into the sector.”
The bank also plans to convert its UK branch into a subsidiary.
Silicon Valley Bank is a commercial bank focusing on the tech and innovation sectors. The lender primarily lends to technology companies and investors. It has provided capital to several firms which have listed recently.
Last year, the lender conducted a similar hiring drive in the UK.
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By GlobalDataThe latest recruitment comes when several banks are reducing their brick-and-mortar presence and trimming workforce.
Spanish lender Caixabank is set to lay off a total of 6,452 employees and plans to shut down 1,500 locations.
In the UK, Lloyds Banking Group unveiled plans to shutter 44 branches last month due to increase in digital banking. The downsizing, which includes 29 Lloyds Bank as well as 15 Halifax branches, will take place between September and November this year.
