JPMorgan, other big U.S. banks flooded with new clients post SVB collapse-FT
Reuters · 14 Mar 844 Views
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.
March 14 (Reuters) - A wave of customers have applied to shift their accounts to large U.S. banks such as JPMorgan Chase & Co (JPM.N) and Citigroup Inc (C.N) from smaller lenders after the collapse of Silicon Valley Bank, the Financial Times reported on Tuesday.
These lenders, including Bank of America Corp (BAC.N), 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.
Citi declined to comment on the report, while JPMorgan and Bank of America did not respond to Reuters requests for comment.
Shares of U.S. regional banks such as First Republic Bank (FRC.N), Western Alliance (WAL.N) and KeyCorp (KEY.N) have slumped on fears of possible bank contagion following the collapse of SVB and Signature Bank (SBNY.O).
(Source: Reuters), all rights reserved by original source.
Companies invest in EV battery factories in Europe
Yahoo Finance · 6h 219 Views
Aussie slides with yuan after weak China data, yen soars
Yahoo Finance · 6h 223 Views
Fed's Mester says no 'compelling' reason to pause rate hikes -FT
Yahoo Finance · 6h 194 Views
Pfizer's hemophilia therapy reduces bleeding in late-stage study
Yahoo Finance · 7h 230 Views
Why is OPEC+ cutting oil output?
Yahoo Finance · 7h 245 Views
Microsoft says UK regulator an 'outlier' for blocking Activision deal
Yahoo Finance · 7h 238 Views
What's new in robots? An AI-powered humanoid machine that writes poems
Yahoo Finance · 7h 206 Views
US debt deal's energy permitting reforms leave thorniest issues for later
Yahoo Finance · 7h 259 Views
Former Wells Fargo exec settles SEC fraud charges, to pay $3 million
Yahoo Finance · 7h 259 Views
US CBO: debt ceiling bill to cut $1.5 trillion from deficit over decade
Yahoo Finance · 7h 234 Views
Oil edges up after steep losses ahead of US debt ceiling vote
Yahoo Finance · 8h 271 Views
FedEx reaches tentative deal with pilot union
Yahoo Finance · 8h 265 Views
Veteran Trader Sees China Assets Hobbled for Three More Years
Yahoo Finance · 8h 253 Views
Asian stocks sink before US Congress votes on deal to avoid debt default
Yahoo Finance · 9h 308 Views
Boeing 737 MAX relatives may pursue pre-impact victim compensation claims
Yahoo Finance · 9h 293 Views