Back-to-Back Bank Failures Cause Some Depositors to Worry

In the wake of back-to-back bank failures threatening the banking system, many worried depositors are wondering if their money is safe. President Biden tried to reassure the nation, announcing deposits in the failed Silicon Valley Bank and Signature Bank would be protected. However, that did not ease fears on Wall Street where shares in Wells Fargo, Bank of America, Citigroup and JPMorgan plummeted.