JPMorgan’s deposit growth slowing as customers seek higher yield

May 30, 2019

NEW YORK (Reuters) – JPMorgan Chase & Co is seeing deposit growth slow as customers withdraw some of their money to put it in products at other banks that pay higher interest rates, Gordon Smith, JPM’s head of consumer & community banking, said Thursday.

Despite that, JPMorgan, the biggest U.S. bank by assets, is still those customers’ primary bank even though they are withdrawing part of their assets, Smith said, speaking at a bank conference in New York.

(Reporting By Elizabeth Dilts; Editing by Chizu Nomiyama)

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