HSBC Accused of Poaching Staff from First Citizens
First Citizens Bank, a financial services company based in Raleigh, North Carolina, has filed a lawsuit against HSBC Bank USA, accusing the bank of poaching dozens of its employees. The lawsuit, filed in the U.S. District Court for the Eastern District of North Carolina, alleges that HSBC has been systematically recruiting and hiring away First Citizens’ employees in order to gain an unfair competitive advantage.
First Citizens’ Allegations
First Citizens alleges that HSBC has been targeting its employees since at least 2018, when the bank began a “systematic and aggressive campaign” to recruit and hire away its employees. According to the lawsuit, HSBC has hired away more than 50 of First Citizens’ employees, including senior executives, managers, and other key personnel. The lawsuit also alleges that HSBC has been offering “unfairly high” salaries and other incentives to lure away First Citizens’ employees.
HSBC’s Response
HSBC has denied the allegations, claiming that it has not engaged in any “unfair or unlawful” recruitment practices. The bank has also argued that it has not hired away any of First Citizens’ employees in order to gain an unfair competitive advantage.
First Citizens’ Claims of Damages
First Citizens is seeking unspecified damages for the alleged poaching of its employees. The bank claims that it has suffered “substantial and irreparable harm” as a result of HSBC’s actions, including lost profits, lost customers, and damage to its reputation.
Background on First Citizens and HSBC
First Citizens is a regional bank that operates in the southeastern United States. The bank has more than 500 branches in 11 states, and offers a range of banking services, including checking and savings accounts, mortgages, and investment services.
HSBC is a global banking and financial services company based in London. The bank has more than 4,000 branches in over 70 countries, and offers a range of banking services, including checking and savings accounts, mortgages, and investment services.
The Legal Battle Ahead
The lawsuit is likely to be a long and drawn-out legal battle. First Citizens is seeking unspecified damages for the alleged poaching of its employees, and it remains to be seen how the court will rule on the matter. In the meantime, both banks will continue to compete for customers and employees in the southeastern United States.