Bank of America has been making handsome gains from the collapse of three smaller banks, after SVB collapse BofA got more than $15 billion in new deposits. This is largely due to public loosing trust in local banks and reaching out to big banks.
Chain of bank failuers compelled the Biden administration to implement novel, exceptional measures to strengthen public confidence in the banking system. In the past week, the authorities shut down the New York-based Signature Bank on Sunday and the cryptocurrency-focused bank Silvergate Capital Inc. closed its doors.
Some other banks that made huge profits were JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. but they have not yet disclosed the exact amount they recived in deposits.