Investing
JPMorgan, other big U.S. banks flooded with new clients post SVB collapse-FT
© Reuters. FILE PHOTO: SVB (Silicon Valley Bank), JP Morgan, Bank of America, Citibank and Wells Fargo logos are seen through broken glass in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration
(Reuters) -A wave of customers have applied to shift their accounts to large U.S. banks such as JPMorgan Chase & Co (NYSE:) and Citigroup Inc (NYSE:) from smaller lenders after the collapse of Silicon Valley Bank, the Financial Times reported on Tuesday.
These lenders, including Bank of America Corp (NYSE:), are trying to accommodate such transfer requests by taking extra steps to speed up the normal sign-up process, among other steps, the FT said, citing several people familiar with the matter.
Even the U.S. government’s emergency measures to stop the collapse of more banks have not stopped depositors from trying to move their accounts to larger banks or to shift to money market funds, FT reported.
The Federal Deposit Insurance Corporation stepped in on Friday to protect the deposits of up to $250,000, but deposits over that amount – which accounted for 85% of SVB accounts – are at risk.
JPMorgan, Citi and Bank of America did not immediately respond to Reuters’ requests for comment.
Shares of U.S. regional banks such as First Republic Bank (NYSE:), Western Alliance (NYSE:) and KeyCorp (NYSE:) have slumped on fears of possible bank contagion following the collapse of SVB and Signature Bank (NASDAQ:).
Read the full article here
-
Side Hustles6 days ago
Protect Your Business With AdGuard VPN’s Powerful Security Features
-
Passive Income6 days ago
This Minimalist Lamp Lets You Pick From 16 Million+ Lighting Colors for Maximum Productivity
-
Side Hustles4 days ago
3 Steps You Can’t Miss When Growing Your Business
-
Make Money5 days ago
15 Jobs That Will Shrink the Fastest Over the Next Decade
-
Side Hustles5 days ago
How to Maximize Your Profits With This Annual 8-Step Checklist
-
Passive Income5 days ago
Why Email Marketing Is Still Your Business’s Most Powerful Tool
-
Side Hustles5 days ago
Want to Start a Business? Consider Buying One Instead — Here’s Why.
-
Investing5 days ago
Netherlands stocks lower at close of trade; AEX down 0.80% By Investing.com