Biden tells Americans to have confidence in banks after collapse

In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed.

President Joe Biden speaks about the banking system in the Roosevelt Room of the White House in Washington (AP)

President Joe Biden has told US residents that the nation’s financial systems are sound, following the stunning collapse of two banks that prompted fears of a broader upheaval.

“American can have confidence that the banking system is safe,” the US leader said from the Roosevelt Room before a trip to the West Coast.