The US banking sector is 'stabilising' after the recent failures of Silicon Valley Bank and Signature Bank rattled the industry.
US Treasury Secretary Janet Yellen told an industry meeting that deposit outflows from regional banks have steadied.WASHINGTON - The US banking sector is"stabilizing" after the recent failures of Silicon Valley Bank and Signature Bank rattled the industry, Treasury Secretary Janet Yellen told a lenders' conference as leaders seek to calm global worries.
The collapses had caused a crisis of confidence, with many customers of similarly sized banks withdrawing their money and depositing it in larger institutions -- considered too big for the government not to bail them out if they faced failure. For now, the banking industry remains resilient despite the upheaval, said ABA chief executive Rob Nichols at the event.
He stressed that the failed banks and their business models are"not typical" of the thousands of others that operate in America.
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