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Stock impact report

U.S. banks depositors shifting money, asking for higher rates [MSN Money]

PNC Financial Services Group, Inc. (The) (PNC) 
Last pnc financial services group, inc. (the) earnings: 4/15 06:41 am Check Earnings Report
Company Research Source: MSN Money
© REUTERS/Rick Wilking Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster 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. Load Error 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 Ch Show less Read more
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