• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI

2

Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it

3

Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living

1

Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI

2

Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it

3

Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living
FinanceSilicon Valley Bank

Bank of America won big from the Silicon Valley Bank collapse

Eleanor Pringle
By
Eleanor Pringle
Eleanor Pringle
Senior Reporter, Economics and Markets
Down Arrow Button Icon
Eleanor Pringle
By
Eleanor Pringle
Eleanor Pringle
Senior Reporter, Economics and Markets
Down Arrow Button Icon
March 15, 2023, 7:45 AM ET
Brian Moynihan, chief executive officer of Bank of America.
Brian Moynihan’s staff at Bank of America have taken in more than $15 billion in deposits since SVB’s collapse. Al Drago/Bloomberg—Getty Images
Add Fortune on Google for similar content.

As startups and VCs scramble to get their money into safe hands following the collapse of Silicon Valley Bank, they’ve turned to a Wall Street stalwart: Bank of America.

SVB imploded late last week after depositors tried to withdraw $42 billion from the institution, with the Federal Deposit Insurance Corporation (FDIC) taking over the bank over the weekend. Meanwhile, the New York Department of Financial Services took possession of Signature Bank on Sunday, saying the corporation had “failed to provide reliable and consistent data, creating a significant crisis of confidence in the bank’s leadership.”

But as the saying goes, from chaos comes opportunity. It seems in this case the opportunity has fallen into the lap of Bank of America, which brought in more than $15 billion in deposits as SVB sunk.

Sources familiar with the matter told Bloomberg the inflows came from fearful customers moving their money to an institution—the second biggest bank in the States—that is seen as simply too big to fail (and is considered to be so by the Federal Reserve). Indeed, the business’s latest annual report for 2022 reveals the company brought in $27.5 billion after tax and holds $3.05 trillion in assets.

Big bank bonanza

Bank of America isn’t the only giant bank seeing an influx of new trade. According to reports from the Financial Times, JPMorgan is supporting its raft of new customers by shortening the waiting time for opening an account. It is also speeding up the rate at which new customers can access funds in order to ensure they can pay staff this week, confirmed a source briefed on the matter.

Citigroup has also reportedly scrambled to onboard customers, with all the large financial institutions seeing a particular push from account holders with holdings above the $250,000 threshold that is guaranteed by federal insurance—despite the government pledging they would still be covered.

One senior banker compared calls coming into the institution as akin to Chicago’s O’Hare airport on a sunny day, as other sources confirmed staff have been reassigned from their roles to deal with the mass onslaught of inquiries.

Among those desperately trying to set up new accounts is billionaire Mark Cuban, who said on a Twitter Space over the weekend he is scrambling to save his “baby”—affordable medicines platform CostPlusDrugs.com—by hitting the phones, setting up new accounts and “writing checks” for the business’s payroll.

Bank of America, Citigroup, and JPMorgan did not immediately respond when contacted by Fortune for comment.

Mystery portfolio buyer revealed

The reasons touted for SVB’s collapse range from “idiot management” to a run on the bank, to losses from a bond portfolio sold to a mystery buyer on March 8.

According to Reuters SVB was forced to recognize a $1.8 billion loss on a $21 billion bond portfolio consisting largely of U.S. Treasuries. The portfolio was yielding well below the current 10-year Treasury yield of around 3.9%, bringing in just 1.79%.

It has now been confirmed by SVB that Goldman Sachs was the buyer of the troublesome portfolio. A spokesperson told Reuters the transaction had been carried out “at negotiated prices” and netted SVB $21.45 billion in proceeds.

Goldman Sachs declined Fortune’s request for comment.

Fortune’s CFO Daily newsletter is the must-read analysis every finance professional needs to get ahead. Sign up today.

About the Author
Eleanor Pringle
By Eleanor PringleSenior Reporter, Economics and Markets
LinkedIn icon

Eleanor Pringle is an award-winning senior reporter at Fortune covering news, the economy, and personal finance. Eleanor previously worked as a business correspondent and news editor in regional news in the U.K. She completed her journalism training with the Press Association after earning a degree from the University of East Anglia.

See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Current refi mortgage rates report for July 7, 2026
Personal Financemortgage rates
Current refi mortgage rates report for July 7, 2026
By Glen Luke FlanaganJuly 7, 2026
3 hours ago
Mortgage rates today, July 7, 2026
Personal Financemortgages
Mortgage rates today, July 7, 2026
By Glen Luke FlanaganJuly 7, 2026
3 hours ago
Current ARM mortgage rates report for July 7, 2026
Personal FinanceReal Estate
Current ARM mortgage rates report for July 7, 2026
By Glen Luke FlanaganJuly 7, 2026
3 hours ago
China’s birth rate just hit its lowest point since 1949—and Trip.com cofounder James Liang thinks that’s a threat to innovation
AsiaChina
China’s birth rate just hit its lowest point since 1949—and Trip.com cofounder James Liang thinks that’s a threat to innovation
By Nicholas GordonJuly 7, 2026
3 hours ago
Despite a $220 million net worth, Rafael Nadal says he won’t retire because he hates waking up to no plans—so he’s opened a chain of hotels instead
SuccessCareers
Despite a $220 million net worth, Rafael Nadal says he won’t retire because he hates waking up to no plans—so he’s opened a chain of hotels instead
By Orianna Rosa RoyleJuly 7, 2026
3 hours ago
mw
Commentaryregulation
Virtual Assets Regulatory Authority CEO: Finance’s AI future moves at the speed of its slowest regulator
By Matthew WhiteJuly 7, 2026
3 hours ago

Most Popular

Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI
AI
Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI
By Marco Quiroz-GutierrezJuly 5, 2026
2 days ago
Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it
Success
Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it
By Preston ForeJuly 6, 2026
18 hours ago
Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living
Success
Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living
By Preston ForeJuly 4, 2026
3 days ago
Current price of oil as of July 6, 2026
Personal Finance
Current price of oil as of July 6, 2026
By Joseph HostetlerJuly 6, 2026
21 hours ago
Gen Z was 'jaded about employment before we ever entered the workforce'—now psychologists say the stare has hardened into something worse
Economy
Gen Z was 'jaded about employment before we ever entered the workforce'—now psychologists say the stare has hardened into something worse
By Nick LichtenbergJuly 6, 2026
1 day ago
Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
Law
Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
By Wyatte Grantham-Philips and The Associated PressJuly 2, 2026
5 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.