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JPMorgan's deposit growth slowing as customers seek higher yield
NEW YORK (Reuters) - Deposit growth at JPMorgan Chase & Co, the largest U.S. bank by assets, is slowing as customers withdraw some of their money and stash it with competing banks that pay higher interest rates, a bank executive said Thursday.
Most big U.S. banks have been slow to raise the interest rates they pay customers on their savings and deposits, despite the U.S. Federal Reserve setting current rates at between 2.25% and 2.5%.
This has left an opening for some smaller and online-only banks that are trying to capitalize on customer frustration by offering savings accounts and other products that pay between 2% and 2.45% interest.
Gordon Smith, co-president and chief operating officer for JPMorgan Chase, said that though customers are taking out money, and this is contributing to slowing in the bank’s deposit growth, most of those customers still keep Chase as their main bank.
“People are taking a component of their deposits. They’re parking those deposits with a high-yield competitor, whomever they may be,” said Smith, also head of JPMorgan’s consumer and community banking.
“That money is very liquid,” said Smith. “It’ll then move from that high-yield competitor to another … but that high-yield competitor is not winning the primary bank relationship, which is obviously what’s critical.”
Smith said the bank constantly reviews its deposit pricing and that interest rates are only part of what customers want from the bank.
https://www.reuters.com/article/us-jpmorgan-smith/jpmorgans-deposit-growth-slowing-as-customers-seek-higher-yield-idUSKCN1T01YK?il=0
who cares? FE tards can say what they want. don't give a shit.
>Thanks, Femanon
the ones now are so militant. They can believe what they want as will I. Not here to convince anyone of anything.
>Much more agreeable than the lot we have now.
Morningstar Inc. Chairman/10% owner sold $2.77m is shares May 28
This is a continuation of a trend. Sells about this much every few days like clockwork.
SeeCap#2-Cap#1 is the latest.
Morningstar, Inc. is a provider of independent investment research in North America, Europe, Australia, and Asia. The Company focuses to create products that help investors reach their financial goals. It offers a range of data, software, research, and investment management offerings for financial advisors, asset managers, sponsors, and individual investors. It provides data and research insights on a range of investment offerings, including managed investment products, listed companies, capital markets, and real-time global market data. It conducts its business operations outside of the United States through subsidiaries in countries, including Australia, Brazil, Canada, Chile, Denmark, France, Germany, India, Italy, Japan, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, People's Republic of China (both Hong Kong and the mainland), Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, the United Arab Emirates, and the United Kingdom.
Number of employees : 4 920 people.
https://www.marketscreener.com/MORNINGSTAR-INC-10068/company/
Look up the credit ratings scandal involving This company, Fitch and Moody's.
See also the Michael Lewis Book/Movie 'The Big Short'-all about these company's rating garbage investments as AAA instead of what they really were.
https://www.secform4.com/insider-trading/1289419.htm
trips confirm on constitution day.
you…….