The announcement comes after the big bank was forced to sell a large part of its securities holdings at a large loss.

Something that created concern on the world's stock exchanges.

Now US authorities have closed the bank and taken control of its assets, as the bank's attempt to raise capital failed, reports CNBC.

The US banking supervisory authority Federal Deposit Insurance (FDIC) announces that insured customers will have access to their money by Monday morning at the latest.

The deposit guarantee is up to 250,000 dollars.

How larger accounts are affected is unclear.

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