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Fitch turns Signature view to negative
Fitch Ratings said it revised Signature Bank's (SBNY) outlook to negative from stable.
“Fitch's outlook revision is mainly prompted by SBNY's decision to lower deposit exposure to the digital assets segment, which constituted $23.5 billion or 23% of deposits at 3Q22. Outlined in SBNY's deposit rebalancing is its intent to reduce deposits gathered from its digital asset business by $8 billion-$10 billion, to under an initial threshold of 20% of total deposits, with an intermediate goal of 15%. In this segment, SBNY provides U.S. dollar custody for cryptocurrency market participants, but does not hold cryptocurrencies itself, or lend against them as collateral,” the agency said in a press release.
The agency plans to resolve the outlook over the next six to 12 months.
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