The recent closure of Signature Bank has been a major topic of discussion in the financial world, and on the internet their weird ad has garnered a lot of attention.
The New York-based full-service commercial bank was shut down by regulators on Sunday, March 12th, and many are wondering what happened.
Dailywire reports, Signature Bank had 40 private client offices throughout New York, Connecticut, California, Nevada, and North Carolina. It offered personalized banking and credit services to its clients along with powerful cash management systems and flexible financing for businesses.
However, it appears that the bank’s downfall began when it refused to do business with former President Donald Trump, back in 2021.
Recently, immediately following the SVB bank collapse, Signature Bank released an ad campaign featuring their executives in a cringe-worthy Broadway sketch video. The video was met with criticism from both sides of the aisle and went viral online.
This was not the first time the bank put out a music sketch.
For as terrible as these are there is indeed another one, this will be brief we promise.
In addition to this misstep, the bank was also caught up in the collapse of Silicon Valley Bank (SVB). SVB is one of America’s largest banks and serves as a major lender to tech startups in Silicon Valley. When SVB collapsed last weekend due to liquidity issues, it sent shockwaves through the banking industry that ultimately led to Signature Bank’s closure.
The FDIC has already stepped in to insure deposits at Signature Bank so customers don’t have to worry about losing their money. However, many are still concerned about how this will affect other banks across America. Fitch Ratings has already downgraded its rating for Signature Bank due to the instability caused by SVB’s collapse.
It appears that Signature Bank may be yet another victim of Silicon Valley’s financial woes. While customers can rest assured that their deposits are safe for now, it remains unclear whether or not other banks will suffer similar fates as more information comes out about SVB’s collapse.
At this point all we can do is wait and see how things play out for Signature Bank and other banks across America affected by SVB’s collapse. One thing is certain though: whoever is giving advice to these giant corporations to do music videos, should be immediately fired. That person needs to be replaced with an additional regulator to ensure that no more major banks fail. The level of incompetence is just staggering, and their incompetence can lead to financial ruin for every single American if the whole system collapses.
Let’s continue this conversation, in the comments below.