off-the-wire

Bank of America said to buy Signature Bank, tweets Bill Ackman

Kitco Media
By Reuters
Published:
Updated:
Reuters

March 17 (Reuters) - Bill Ackman in a tweet on Friday said Bank of America (BAC.N) is going to acquire Signature Bank (SBNY.O) on Monday, without citing the source of information.

"I am hearing that @BankofAmerica is going to buy Signature Bank on Monday. Unless and until we can protect uninsured deposits, the cost of capital is going to rise for smaller banks pushing them to merge or be acquired by the SIBs. I don’t think this is good for America," he said in the tweet.

Signature Bank did not immediately respond to a Reuters request for comment. Bank of America declined to comment.

Reporting by Akriti Sharma in Bengaluru; Editing by Maju Samuel
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.