Bank of America said to rake in deposits as turmoil grips financial sector

CHARLOTTE — It seems at least one of Charlotte’s banking giants is seeing an upside in the turmoil that has gripped the financial sector this week. Bloomberg reports Bank of America has pulled in some $15 billion in deposits in recent days as customers flee the smaller, regional institutions that have been hammered in the wake of the collapse of Silicon Valley Bank and others.

“The inflows offer a first glimpse into the deluge of deposits that made its way to the country’s largest banks as customers fearful of a spreading crisis sought refuge in the firms seen as too big to fail,” the news service says, citing unnamed sources. That designation is a callback to the financial crisis of 2008 and the massive bank bailouts that followed — the specter of which is hanging over conversations about the current situation.

Meanwhile, bank stocks across the board continue to be dragged down by fears about the stability of the industry that have spread across the globe.

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