Not only the big banks from New York are moving into focus due to the crisis of confidence in the regional institutes.
(Photo: Reuters)
new York Jamie Dimon sees no reason to gloat. After the bankruptcy of the Silicon Valley Bank (SVB) in March, bank customers withdrew large amounts of money from smaller institutes and parked them at the large Wall Street houses. “But the idea that this development was in any way a good thing is absurd,” the head of America’s largest bank, JP Morgan Chase, fumed in his annual letter to shareholders.
“Any crisis that damages Americans’ confidence in their banks damages all banks,” Dimon said. He is the longest-serving CEO of a major US financial institution and has also been busy in recent weeks stabilizing ailing San Francisco-based First Republic Bank. That should prevent another bank collapse after three smaller institutions collapsed in March.
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