As startups and VCs scramble to get their money into safe hands following the collapse of Silicon Valley Bank, they’ve turned to a Wall Street stalwart: Bank of America.
SVB imploded late last week after depositors tried to withdraw $42 billion from the institution, with the Federal Deposit Insurance Corporation (FDIC) taking over the bank over the weekend. Meanwhile, the New York Department of Financial Services took possession of Signature Bank on Sunday, saying the corporation had “failed to provide reliable and consistent data, creating a significant crisis of confidence in the bank’s leadership.”
