Free deposits keep fleeing US regional heavyweights

Drop in non-interest-bearing balances at Capital One, PNC Bank, Truist and US Bancorp accelerates in Q2

The largest US regional banks continued to haemorrhage non-interest-bearing deposits during the second quarter, heading towards a structural reshaping of their funding mix past March’s convulsions.

Unremunerated account balances across Capital One, PNC Bank, Truist and US Bancorp dropped $35.9 billion, or 9%, to $366.7 billion compared with end-March, accelerating on the first quarter’s $27.8 billion decline.

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