Why regulators seized Signature Bank in third-biggest bank failure in U.S. history
Publishing timestamp: 2023-03-13 20:37:37
Summary
Signature Bank experienced a run on deposits after the collapse of Silicon Valley Bank, leading to its takeover by regulators to protect depositors and the stability of the US financial system. The sudden move shocked executives and was believed to be a result of regulators wanting to send an anti-crypto message. The bank had deep ties to real estate and legal industries and had recently expanded to the West Coast and the crypto industry. The deposit exodus had slowed by Sunday, but the bank was still seized, raising eyebrows among observers.
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Keywords: investment strategy, fintech, signature bank, venture capital, jpmorgan chase & co, first republic bank, breaking news: investing, svb financial group, citigroup inc, business news, banks, technology, breakingnewsglobal, breaking news: markets,
Source: https://www.cnbc.com/2023/03/13/signature-bank-third-biggest-bank-failure-in-us-history.html