The mass migration to Bank of America, the nation’s second largest, comes in the wake of the swift collapse of Silicon Valley Bank and Signature.
Americans have frantically moved their cash toward “too big to fail” lenders like Bank of America, which has seen in inflow of more than $15 billion worth of deposits amid fears of a meltdown in the US banking sector.Other large-scale lenders like JPMorgan Chase, Citigroup, and Wells Fargo have also seen substantial increases in deposits, though the exact figures have yet to be publicized.
Citizens Bank said on Monday that it “has seen higher than normal interest from prospective new customers over the past few days.” The statement was
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