(Reuters) – Large U.S. banks like JPMorgan Chase & Co and Citigroup Inc are being inundated with requests from customers trying to transfer funds from smaller lenders, after the collapse of Silicon Valley Bank, the Financial Times reported on Tuesday.
These banks are trying to accommodate these customers, including by taking extra steps to speed up the normal sign-up process, the FT said, citing several people familiar with the matter.
JPM, Citi and Bank of America Corp did not immediately respond to Reuters’ requests for comment.
Shares of U.S. regional banks such as First Republic Bank, Western Alliance and KeyCorp have slumped on fears of possible bank contagion following the collapse of SVB and Signature Bank.
(Reporting by Lavanya Ahire in Bengaluru; Editing by Savio D’Souza)
