Former Silicon Valley Bank and First Republic Bank employees are knocking on the door of digital bank Arc to fill positions in relationship management with a desire to continue working with startups.
The two banks, which failed less than two months apart, had a combined employee pool of more than 14,500, according to the banks’ 2022 yearend reports. Now, those team members are looking to Arc for employment opportunities.
“There is a lot of really excellent, high-caliber talent at SVB and FRB, and they’re very familiar with Arc and the value that we’re delivering to the startup ecosystem,” Arc Chief Executive Don Muir told Bank Automation News.
Some SVB employees have already started at Arc, and now their former colleagues are asking about job openings, Muir said. Open roles at Arc include senior software engineers in backend, full stack and security operations, according to Arc’s website.
FRB employees, for example, are turning down offerings from JPMorgan Chase because they don’t want to give up providing white-glove, technology-based experiences, Muir said.
“We’re excited to bring [new hires] into the interview process, and hopefully have more and more folks join the company as we scale,” Muir said. Arc continues to grow following its “hundreds of millions of dollars of inflows” the bank gained after SVB shuttered in March, Muir previously told BAN.
