JPMorgan Chase, $JPM, Citigroup, $C, and other large financial institutions are being inundated with requests from customers trying to transfer funds from smaller lenders, per FT.
“The top six banks in the US are and have been too big to fail, the financial crisis over 10 years ago demonstrated that,” Michael Imerman, an assistant professor at the University of California Irvine’s business school, said in an interview. “So it’s safer to go with a name with higher degree of certainty.”
JPMorgan Chase & Co., the largest US bank, alone received billions of dollars in recent days, and Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. are also seeing higher-than-usual volume, per Bloomberg.
Citizens Financial Group also said that it “has seen higher than normal interest from prospective new customers over the past few days,” and that it would temporarily extend branch hours to accommodate.
This is after Silicon Valley Bank and SBNY were closed.
In response, the White House has said: This is not a bailout. This is not 2008.
Biden also said: I am committed to "holding those responsible for this mess fully accountable."
Over the weekend, the Treasury said it sees some institutions with issues similar to Silicon Valley Bank, per Bloomberg.
Additionally a US Treasury official says this situation is not 2008 and firms are not being bailed out.
Read more: https://unusualwhales.com/news/white-house-this-is-not-a-bailout-this-is-not-2008
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