Big Banks Benefit from SVB Collapse with Deposit Surges
TL;DR Summary
Bank of America has reportedly gained $15 billion in new deposits as customers flee small lenders for "too big to fail" firms in the wake of the Silicon Valley Bank collapse. "Goliath" banks such as JP Morgan and Wells Fargo are being inundated with applications, with some taking steps to speed up the onboarding process. The collapse of SVB, the largest to fail since the 2008 financial crisis, has shed light on the risk of customers keeping all of their money with one bank.
- 'Goliath is winning': Banking giants clean up as customers flee small lenders after SVB crisis Daily Mail
- Big banks experience deposit spike after Silicon Valley Bank collapse CNN
- Savers could end up being big winners after SVB collapse Yahoo Finance
- BofA Gains More Than $15 Billion in Deposits After SVB Fails Bloomberg Television
- As Wealth Managers Move To Diversify Customers' Idle Cash, SVB's Own Advisors Head For Exits Forbes
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