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US regulators shutter New York’s Signature Bank following SVB collapse

March 13, 2023


In a joint statement, Treasury secretary Janet Yellen, Federal Reserve board chair Jerome Powell, and Federal Deposit Insurance Corporation (FDIC) chair Martin Gruenberg outlined how they are taking “decisive action” to strengthen confidence in the banking system.

As well as confirming that the FDIC has protected all deposits in Silicon Valley Bank, the group announced a similar “systemic risk exception” for Signature Bank. “All depositors of this institution will be made whole,” the statement reads.

However, shareholders and some unsecured debtholders will not be protected, while senior management has been axed.

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