U.S. banks depositors shifting money, asking for higher rates [Reuters (UK)]
PNC Financial Services Group, Inc. (The) (PNC)
Last pnc financial services group, inc. (the) earnings: 4/15 06:41 am
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Source: Reuters
U.S. banks depositors shifting money, asking for higher rates | Reuters 3 Min Read NEW YORK (Reuters) - Slowly but surely, depositors are starting to shift money from basic U.S. bank accounts to products that pay more than a sliver of a percent in interest. While reporting second-quarter results in recent days, executives at the largest U.S. banks noted an acceleration in deposit outflows from wealthy individuals and companies, which are more sensitive to interest rate hikes. But there are signs that Main Street depositors are getting restless too, after the Federal Reserve lifted its interest rate target for the seventh time in less than three years. “Lazy money is moving,” Bill Demchak, chief executive officer of PNC Financial Services Group Inc, said on a call with analysts on Friday. Wealthy customers reduced deposits by between 4 and 12 percent at the wealth management units of three of the biggest banks by assets, JPMorgan Chase & Co, Bank of America Corp and Wells Fargo & Co, c
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PNC
Earnings
- 4/16/24 - Beat
PNC
Sec Filings
- 4/23/24 - Form 4
- 4/23/24 - Form 144
- 4/16/24 - Form 8-K
- PNC's page on the SEC website