FDIC: Signature Bank Failed Due to Poor Management

By Ellen Chang Signature Bank’s collapse in March was the third largest one in U.S. history and its management should have been”more measured in its growth,” the FDIC said. Signature Bank in New York, whose collapse in March ranked as the third largest failure in the U.S., was caused by poor management, the FDIC said on Friday. “SBNY’s board of directors and management pursued rapid, unrestrained growth without developing and maintaining adequate risk management practices and controls appropriate for the size, complexity and risk profile of the institution,” the federal regulator said in a rep…


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