JP Morgan Chase And Citigroup See The Biggest Money Inflows In The Decade After SVB and Silvergate Bank Collapse

Financial Times reports, after the collapse of Silicon Valley Bank, a lot of people has transferred more money from small banks to big banks because FDIC deposit insurance coverage covers $250,000 per depositor. These big banks including Citi Bank, JP Morgan Chase, and Bank of America.  $3.3 billion USDC’s reserved has been transferred from Silicon Valley Bank to Bank of New York Mellon. The collapse of Silvergate Bank and  SVB make people fear of losing money. A lot of people that deposited money in small banks have transferred their deposits to big banks.