BREAKING NEWS

Bank of America said to buy Signature Bank, tweets Bill Ackman

Bill Ackman in a tweet on Friday said Bank of America BAC.N is going to acquire Signature Bank SBNY.O on Monday, without citing the source of information.

"I am hearing that @BankofAmerica is going to buy Signature Bank on Monday. Unless and until we can protect uninsured deposits, the cost of capital is going to rise for smaller banks pushing them to merge or be acquired by the SIBs. I don’t think this is good for America," he said in the tweet.

Signature Bank did not immediately respond to a Reuters request for comment. Bank of America declined to comment.

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