SVB's collapse sends small-bank customers running for shelter in big Wall Street banks
as worries about stability spur customers of smaller US lenders to move their money out.
The flight to big banks comes despite the US government taking emergency measures to stop the spread of potential bank runs"The calls have been coming in today like airplanes stacked on a snowy day at O'Hare airport," one senior banker told the FT about the number of new depositors moving out of regional lenders.
The turmoil sparked fears that similar companies could go down under similar pressure, prompting investors to shun financial-sector stocks. Meanwhile, customers of smaller lenders started to look to the safety of"too big to fail banks."
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JPMorgan, PNC among suitors for SVB Financial in deal excluding SVB Bank - AxiosJPMorgan Chase & Co and PNC Financial Service Group Inc are among those in talks about acquiring SVB Financial Group in a deal that would exclude its commercial banking unit Silicon Valley Bank that is currently under U.S. control, Axios reported on Monday citing sources.
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SVB collapse: The Treasury must make whole SVB investorsThe Treasury Department is right to ensure that investors at Silicon Valley Bank have access to their deposits.
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JPMorgan, other big U.S. banks flooded with new clients post SVB collapse-FTA wave of customers have applied to shift their accounts to large U.S. banks such as JPMorgan Chase & Co and Citigroup Inc from smaller lenders after the collapse of Silicon Valley Bank, the Financial Times reported on Tuesday.
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SVB Financial mulls strategic options, hires restructuring veteranDefunct startup-focused lender SVB Financial Group said on Monday that it was planning to explore strategic alternatives for its businesses including the holding company, SVB Capital and SVB Securities.
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After SVB, Signature failures, what small businesses should look for when choosing a bankFollowing the collapse of Silicon Valley Bank and Signature Bank, small businesses owners may reconsider where to keep their money.
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Caught in SVB’s collapse, small businesses got help from customersExecutives from start-up fashion brands to toy stores reached out to customers for help so they could pay employees, vendors and keep up operations.
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