JPMorgan, BofA turned down opportunities to acquire SVB, NYT reports

Days after seizing SVB (SIVB), the FDIC has conducted a stop-and-start auction process, failing so far to find a willing buyer for all of SVB’s assets, The New York Times’ Robe Copeland and Maureen Farrell report, citing people briefed on the efforts. According to the people, big rivals are thus far shying away from scooping up the bank’s assets, and before the bank was seized last Friday, JPMorgan (JPM) and Bank of America (BAC) turned down opportunities to acquire SVB. After SVB’s collapse, JPMorgan and Bank of America received new appeals to take on pieces of the bank’s loans and investments, but declined. Reference Link