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26-03-2023, 09:40 AM
David Hollerith·Senior Reporter
Sat, 25 March 2023 at 5:06 am SGT
Small and mid-sized banks lost US$120 billion in deposits in just one week as turmoil gripped the regional banking world, according to new Federal Reserve data, while customers sought safer havens at the country's largest financial institutions.
The dramatic movements happened during a tumultuous period marked by the seizures of Silicon Valley Bank and Signature Bank on March 10 and March 12, which sparked fears of potential runs at other banks.
As regional and community banks lost US$120 billion during the week ending March 15, the 25 biggest banks raked in US$67 billion in new deposits on a seasonally adjusted basis, according to new Fed data released Friday. The net outflow from all banks was US$98 billion, an annual drop of 5.8%. Total industry deposits of US$17.5 trillion was the lowest count since September 2021.
Much more info at: https://sg.finance.yahoo.com/news/small-...31254.html
Sat, 25 March 2023 at 5:06 am SGT
Small and mid-sized banks lost US$120 billion in deposits in just one week as turmoil gripped the regional banking world, according to new Federal Reserve data, while customers sought safer havens at the country's largest financial institutions.
The dramatic movements happened during a tumultuous period marked by the seizures of Silicon Valley Bank and Signature Bank on March 10 and March 12, which sparked fears of potential runs at other banks.
As regional and community banks lost US$120 billion during the week ending March 15, the 25 biggest banks raked in US$67 billion in new deposits on a seasonally adjusted basis, according to new Fed data released Friday. The net outflow from all banks was US$98 billion, an annual drop of 5.8%. Total industry deposits of US$17.5 trillion was the lowest count since September 2021.
Much more info at: https://sg.finance.yahoo.com/news/small-...31254.html
