First Citizens Bank & Trust Co. sued HSBC Holdings Plc for allegedly raiding dozens of employees from Silicon Valley Bank as First Citizens was taking over the failed lender.

Two weeks after First Citizens acquired SVB in March, HSBC poached 42 bankers on Easter Sunday and brazenly took and misused SVB’s confidential, proprietary and trade secret information to execute their scheme, according to a complaint filed Monday in federal court in northern California.