Posted on 03/15/2023 3:18:26 PM PDT by dennisw
With 'goliaths' like JP Morgan also 'winning', analysts say
Jittery customers are flocking to major banks in the wake of the SVB collapse One analyst said 'Goliath is winning' as some speed up their onboarding process to cope with the new demand It comes as SVB's spectacular fall from grace continues to wreak havoc on Wall Street
Bank of America has reportedly raked in $15 million in new deposits as customers flee small lenders for 'too big to fail' firms in the wake of the Silicon Valley Bank collapse.
So-called 'goliath' banks such as JP Morgan and Wells Fargo are being inundated with applications, with some taking steps to speed up the onboarding process.
Meanwhile another senior banking executive told the Financial Times: 'The calls have been coming in today like airplanes stacked on a snowy day at O'Hare airport.'
Insiders also told Bloomberg that around $15 billion has been deposited to the Bank of America alone.
The Bank told dailymail.com it would not comment on the figure and that deposit numbers were only disclosed during their earnings reports.
JPMorgan has reportedly shortened the wait time for opening an account and is speeding up the time it takes for new corporate customers to access funds so they can pay staff at the end of the week, the Financial Times reports.
(Excerpt) Read more at dailymail.co.uk ...
It sure is. Customer service is poor - rude, unhelpful.
I am pulling out and opened up an acct with smaller bank today.
They’re absolute dicks. Several long stories, but never again. They’re constantly send me CC applications too that I just keep tearing up.
It has to be a bank big enough to rent Congressmen (you can only rent them, they aren't honest enough to stay bought). If you don't pay the "insurance" your bank might be set on fire, just like the mafia.
15 million is chump change to a bank, so yes, its gptta be billion.
The Democrat plan.
Get the people to panic and place their money with a tiny handful of huge banks that are already corrupt and owned by the elite and the politicians. It seems voluntary so the corrupt elite have a sliver of cover.
Once a vast majority of cash is in their control, the banks go to digital currency, start the already emplaced social scoring and turn what is left of the USA into the USSR on steroids.
intended, after this comes digital currency because what happened with the smaller banks cant be tolerated
Great!~~
Editing is a lost art.
The large banks that are Primary Dealers are the most connected (mafia style) and too big to fail. Here is the list.
Nice link, Dennis. Quite shocked to see that WIKI is “outing” some of their “brethren”.
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