US banks report biggest capital outflow in 40 years ...News

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US banks report biggest capital outflow in 40 years
Deposit losses topped $470 billion in the first quarter of 2023, according to the FDIC Banks in the US saw total deposits decline by a record 2.5% in the first quarter of the year, the Federal Deposit Insurance Corporation (FDIC) reported on Wednesday. The outflow was the largest recorded by the FDIC since it started collecting such data in 1984. According to the report, US banks lost $472 billion in deposits during the January-March period, marking the fourth consecutive quarter of industry outflows. The decline was primarily from uninsured funds, the FDIC said, noting that insured deposits actually increased by

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