Signature Bank Was Seized After Leaders Caused ‘Crisis of Confidence’

Bloomberg, Mar. 14, 2023–Max Reyes
Signature Bank was seized by the government Sunday after regulators lost faith in management and depositors fled, according to New York officials. “The bank failed to provide reliable and consistent data, creating a significant crisis of confidence in the bank’s leadership,” the state’s Department of Financial Services said in an emailed statement Tuesday.