As PNC bleeds non-interest deposits, US Bancorp picks up more
Divergence in savings mix follows March’s deposit flight
Non-interest-bearing deposits moved in opposite directions at US Bancorp and PNC Bank in the first quarter, proving not all lenders benefitted equally from savers fleeing smaller banks in March.
PNC’s year-long haemorrhage of zero-cost deposits continued in Q1, with outflows reaching $12.3 billion. At $121.2 billion, the balance was down by more than a fifth compared with a year prior.
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