NEW YORK - As a series of United States lenders were besieged by customers yanking out their money in March, banking behemoths JPMorgan Chase & Co, Citigroup and Bank of America warned employees: Do not make it worse.
Citigroup has also given similar guidance to its business heads, a source familiar with the matter said.The lender sent a memo reminding bankers that, in discussions with prospective customers, they should not discuss the standing and condition of other firms, the source said. The bank runs that toppled Silicon Valley Bank and Signature Bank, the second- and third-largest lenders to fail in US history, prompted customers to move about half a trillion dollars of deposits from the “most vulnerable” US banks to bigger institutions in March, JPMorgan analysts led by Mr Nikolaos Panigirtzoglou wrote in a note on Wednesday.
The turmoil prompted unprecedented moves by regulators to guarantee the deposits of SVB and Signature.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ukraine's recovery and reconstruction needs expected to hit $549b: World BankThe amount is up sharply from an estimate of US$349 billion (S$466 billion) released last September. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »
With IMF bailout, Sri Lanka will have healthy dollar reserves in four years: Central bank chiefThe IMF had extended a long-awaited US$3 billion (S$4 billion) loan to the island nation. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »
4 former Hana Bank officials convicted for recruitment scandal in South KoreaThey were also accused of discriminating female applicants from 2013 to 2016. Read more at straitstimes.com. straits_times Isn’t this so-called networking especially in sinkiepore, no?
Source: STForeignDesk - 🏆 4. / 71 Read more »
Jamus Lim doesn't believe recent bank failures are symptomatic of bigger banking crisis but warns of vulnerabilities in Asian economies - Singapore News“The massive devaluation due to a currency crisis could lead to higher import prices that give rise to an inflation crisis, for example, or make interest payments on external debt unbearable, giving rise to a sovereign debt crisis,” he added.
Source: IndependentSG - 🏆 9. / 63 Read more »
M'sian DJ discovers he owes his bank almost S$30m for no reason while on holiday in ParisDJ Luke Loke, who has since resolved the issue with his bank, said it was not the work of hackers. So what was it?!
Source: TODAYonline - 🏆 1. / 99 Read more »
Shohei Ohtani leads Japan’s win over USA in WBC final; NFL world goes into full troll-modeShohei Ohtani struck out Mike Trout, a member of the Los Angeles Angels, on Tuesday night, sealing Japan's victory over the United States of America in the 2023
Source: IndependentSG - 🏆 9. / 63 Read more »