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Global markets gripped by Silicon Valley Bank collapse as banking shares slide – business live

Rolling coverage of the latest economic and financial news

  • Silicon Valley Bank: parent company, CEO and CFO sued amid market turmoil
  • Silicon Valley Bank: global banking shares slide as fallout spreads

Large US banks are being inundated with requests from customers trying to transfer funds from smaller lenders, the Financial Times is reporting.

JPMorgan Chase, Citigroup and Bank of America are among the large financial institutions are trying to accommodate customers wanting to move deposits quickly from Silicon Valley Bank and other regional lenders.

“The calls have been coming in today like airplanes stacked on a snowy day at O’Hare airport.”

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