A wave of customers have applied to shift their accounts to large U.S. banks such as JPMorgan Chase & Co and Citigroup Inc from smaller lenders after the collapse of Silicon Valley Bank, the Financial Times reported on Tuesday.
, are trying to accommodate such transfer requests by taking extra steps to speed up the normal sign-up process, among other steps, the FT said, citing several people familiar with the matter.
Even the U.S. government's emergency measures to stop the collapse of more banks have not stopped depositors from trying to move their accounts to larger banks or to shift to money market funds, FT reported.in on Friday to protect the deposits of up to $250,000, but deposits over that amount - which accounted for 85% of SVB accounts - are at risk.
Citi declined to comment on the report, while JPMorgan and Bank of America did not respond to Reuters requests for comment.
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