Large US banks are being inundated with requests from customers trying to transfer funds from smaller lenders, as the failure of Silicon Valley Bank results in what executives say is the biggest movement of deposits in more than a decade.
JPMorgan Chase, Citigroup and other large financial institutions are trying to accommodate customers wanting to move deposits quickly, taking extra steps to speed up the normal sign-up or “onboarding” process, according to several people familiar with the matter.
A package of emergency measures unveiled by the US government on Sunday, including a new Federal Reserve lending facility for banks, appears to have passed its first major test for now by staving off the failure of a third bank following the implosion of SVB and Signature Bank.