“Bank of America has raked in $15billion in new deposits after SVB collapse”
March 15, 2023
“SVB imploded late last week after depositors tried to withdraw $42 billion from the institution, with the Federal Deposit Insurance Corporation (FDIC) taking over the bank over the weekend. Meanwhile, the New York Department of Financial Services took possession of Signature Bank on Sunday, saying the corporation had “failed to provide reliable and consistent data, creating a significant crisis of confidence in the bank’s leadership.”…
Sources familiar with the matter told Bloomberg the inflows came from fearful customers moving their money to an institution—the second biggest bank in the States—that is seen as simply too big to fail (and is considered to be so by the Federal Reserve). Indeed, the business’s latest annual report for 2022 reveals the company brought in $27.5 billion after tax and holds $3.05 trillion in assets…”
Big mistake, go local. Don’t prop up big banks. They do to many risky things with their costumers money.