Big Banks Get New Footfalls Post SVB And SBNY Collapse
Ramsha Naushad
March 14, 2023
Some new patterns are emerging in America banks after Silicon Valley Bank and SBNY were closed.
JPMorgan Chase, Citigroup, and other large financial institutions are being inundated with requests from customers trying to transfer funds from smaller lenders.
"It’s safer to go with a name with a higher degree of certainty,” said Michael Imerman, an assistant professor at the University of California.
JPMorgan Chase & Co., the largest US bank, alone received billions of dollars in recent days. Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. are also seeing higher-than-usual volume.
Citizens Financial Group is extending branch hours to accommodate increased interest from prospective new customers over the past few days.
In response, the White House has said: This is not a bailout. This is not 2008.
Biden also said: I am committed to "holding those responsible for this mess fully accountable."