The United States’ 25 biggest banks saw a $90 billion outflow of deposits in the second week since the Silicon Valley Bank (SVB) collapse, a sharp reversal from the week before, when larger financial institutions absorbed some of the deposits being withdrawn at a record pace from smaller banks.
Between the collapse of SVB on March 10 and March 22, domestically chartered banks in the United States lost a total of roughly $213 billion in deposits as skittish savers rushed to withdraw their money, according to the latest seasonally adjusted Federal Reserve figures on deposit outflows.
