State Street suffers deposit and earnings losses, impacting stock market.
TL;DR Summary
Charles Schwab and State Street have both reported a decline in customer deposits, with Schwab's deposits falling 11% to $326 billion from the previous quarter and State Street's deposits totaling about $224 billion at the end of the first quarter, down 5% from December and 11% from a year ago. The drop in deposits is attributed to rising interest rates, which are putting pressure on banks to pay depositors more.
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