Morgan Chase and Wells Fargo didn’t win 100% of deposits outright: Too Big To Fail banks are structurally unfit to serve the hypergrowth tech companies that SVB spent decades winning over. Some people believe that scale is all that matters in tech banking these days. By some measures, BAM Fintechs (Brex my company, Arc and Mercury), took in nearly 30% of the outgoing deposits in the aftermath of the SVB collapse.
Fintechs now also have a seat at the table. Thankfully for depositors, Chase isn’t only name in town anymore. Given the continued fear in the regional banking system, and the domino effect that is currently underway, one might wonder if JPMorgan Chase will continue devouring deposits of smaller peers as they fail.
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