The New York City government currently has $60 million deposited in accounts at Signature Bank with no plans to move it.
Donate NowA run on New York-based Signature Bank put tens of millions of taxpayer dollars at risk, fueling calls for more scrutiny of banks the city uses to hold the public’s cash.
“For now, the money is secure and we're confident that we can take time to make the right decision as the situation evolves,” Lavis said. The city has held tens of millions of dollars in Signature accounts since at least 2017, according to records shared with the nonprofit New Economy Project in response to Freedom of Information requests.
Those deposits are only a fraction of the city’s total holdings. At the end of 2021, the city held $645 million in JP Morgan Chase and around $500 million in Bank of America.
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