As big US banks earn more from lending, the question has gnawed: When will depositors see their reward? It’s finally starting.
Interest expense at Wells Fargo & Co. and JPMorgan Chase & Co. climbed a whopping 465% at each of the firms in the second quarter, the banks reported Friday. At Citigroup Inc., the firm’s executives lamented that they’re having to give both small and large customers more to stay put.
Read More : Big Banks Start Distributing Profits from Fed Rate Hikes to Depositors