U.S. regulators are racing against the clock to stop a potential contagion from spreading to other lenders.
A Signature Bank representative declined to comment.
Silicon Valley Bank abruptly became the biggest U.S. lender to fail in more than a decade on Friday, unraveling in less than 48 hours after outlining a plan to shore up capital. The bank took a huge loss on sales of its securities amid rising interest rates, spooking investors and depositors who rapidly began pulling their money. On Thursday alone, investors and depositors tried to yank about $42 billion.
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