Signature Bank collapse shakes global markets

Money back: The Signature Bank headquarters at 565 Fifth Avenue in New York. The Federal Deposit Insurance Corp is to act as receiver and a bridge successor bank will enable customers to access their funds. — Bloomberg

NEW YORK: State regulators are closing New York-based Signature Bank and it comes after California authorities shuttered Silicon Valley Bank, in a collapse that roiled global markets and stranded billions of dollars in deposits.

The US Treasury Department and other bank regulators said in a joint statement on Sunday that all depositors of Signature Bank will be made whole and “no losses will be borne by the taxpayer”.