A second US bank has just collapsed. Regulators have announced that New York-based Signature Bank is being seized, becoming the third-largest bank failure in US history.
Domino’s are in effect. The US Federal government will be looking to underwrite this to slow the potential run on effect.
Get this right.. Signature bank is the third largest in US history to fail. This is behind Silicon Valley Bank which failed a day or so ago, then not another since Washington Mutual in 2008.
In another announcement today. A large Crypto bank, Silvergate Bank,is voluntarily winding down. The aftermath of the collapse of crypto exchange FTX.