Yes, Wall Street's biggest lenders got even richer after Silicon Valley Bank collapsed
Big banks have released their earnings over the past few days – and it's clear that Wall Street had a good quarter.helped its profits surge 67% to a record $14.5 billion for the three months to June 30.
Bank of America, Citi, Morgan Stanley, and Wells Fargo also all beat analysts' earnings expectations, with each enjoying a share-price bump that's lifted the benchmarkwill provide a further gauge of the banking sector's overall health. Early signs suggest that Wall Street's emerged unscathed from the banking turmoil that rocked markets earlier this year.
Back in March, Silicon Valley Bank collapsed after massive losses in its bond portfolio caused customers like Peter Thiel's Founders Fund to pull their deposits from the lender. That failure sparked wider concern, with First Republic collapsing the following month and other regional lenders such as PacWest and Western Alliance also seeing their share prices plummet.
For big banks, the turmoil created an opportunity to win customers who were worried that their deposits weren't safe, and boost their balance sheets by scooping up smaller lenders.
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