• Mashup Score: 1

    Rising interest rates have exposed the problem with building a strategy around serving wealthy clients.

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    • It isn’t that the rich are defaulting on loans in droves. But the most flush depositors with excess cash last year started taking their cash and seeking out higher yields in online banks, money funds or Treasurys. https://t.co/O7NlE2xNwp #BankingCrisis

  • Mashup Score: 6

    (Bloomberg) — Banks borrowed a combined $164.8 billion from two Federal Reserve backstop facilities in the most recent week, a sign of escalated funding strains in the aftermath of Silicon Valley Bank’s failure.Most Read from BloombergSchwab Clients Shift From Prime Funds to Government PortfoliosIn New York City, a $100,000 Salary Feels Like $36,000How First Republic Bank Received a $30 Billion…

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    • Banks borrowed $152.85 billion from discount window — the liquidity backstop for banks — in the week ended March 15, a record, up from $4.58 billion the previous week. Prior all-time high was $111 billion during the 2008 financial crisis. https://t.co/oKrTTsJtzC #BankingCrisis https://t.co/GKJZ5ebUf6