Big Banks Compete for AI Startup Business After Tech Lender Collapse
Venture funding for artificial intelligence reached a record $222 billion last year, minting a new class of tech millionaires and billionaires. Banks now vie to manage their wealth, provide financing, and advise on capital raises.
JPMorgan Chase, Citizens Financial, Flagstar Bank, and Stifel Financial have all entered the fray. Stifel's venture banking deposits nearly doubled to $7.7 billion by year-end, with San Francisco-based Jake Moseley noting his team focuses on AI-driven firms raising substantial capital.
The 2023 collapse of Silicon Valley Bank scattered talent across the industry, with many landing at competitors like Stifel. The Bay Area remains ground zero for this competition, having attracted $47 billion in AI venture investment.
