BofA Gets More Than $15 Billion in Deposits After SVB Fails

Bloomberg2023-03-15

Customers seek safety in biggest banks seen as too big to failUS government unleashed measures to restore faith in banksBank of America Corp. mopped up more than $15 billion in new deposits in a ...

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AcidIce
2023-03-15
AcidIce
More deposits doesn't automatically mean safer or more profits but rather the given is that BOA needs to pay out more for interests unless they invest or profit from the additional funds.

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The money flowing into the second-largest US bank was described by people with direct knowledge of the matter, who asked not to be identified as the information isn’t public.Silicon Valley Bank’s seizure Friday, the biggest US bank failure since the financial crisis, was precipitated by fleeing depositors and 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.A spokesperson for Bank of America declined to comment.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.Wall Street banks saw a surge in deposits during the pandemic as customers and businesses stashed away cash from stimulus measures. 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