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Bank Exec Moves Millions as Regulators Back Deposits
Wesley Zheng of Posh Robotics plans to move 4 million dollars from Silicon Valley Bank to JPMorgan Chase amid broader government backing for deposits to prevent contagion. Regulators signal intervention will cover deposits to protect the economy, while large banks like JPMorgan Chase and others face modest stock movements. New York Governor Hochul and authorities on both sides of the Atlantic take steps to stabilize Signature Bank and SVB, with FX and collateral facilities outlined.
MENTIONED IN THIS ARTICLE
Wesley Zheng
Posh Robotics
Silicon Valley
Jpmorgan Chase
Norbert Michel
Cato Institute
Citigroup
Bank
Caulfield
Bank of England
U.K. Treasury
London
HSBC
Europe
U.S
Silicon Valley Bank
Signature Bank
Fed
Treasury
New York
Federal Deposit Insurance Corp
Kathy Hochul
State Department of Financial Services
Hochul