Bank of America Corp. has reportedly mopped up more than $15 billion in new deposits in a matter of days, emerging as one of the big winners after the collapse of three smaller banks dented confidence in the safety of regional lenders.
Other banks like JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. also raked in billions in new deposits, though the figures have not been disclosed yet, Bloomberg reported, citing unnamed sources.
The inflows offer a first glimpse into the deluge of deposits that made its way to the country’s largest banks as customers fearful of a spreading crisis sought refuge in the firms seen as too big to fail.
The closure of Silicon Valley Bank on Friday billed as the biggest US bank failure since the 2008 financial crisis, has sent shock waves across the global financial system.
It also forced the Biden administration to put in place extraordinary new measures to fortify faith in the banking system.
In the last week, crypto-focused bank Silvergate Capital Corp. closed shop and authorities shut down New York-based Signature Bank on Sunday.
Bloomberg said a spokesperson for Bank of America declined to comment.
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