One of Wall Street's most prominent names --- Goldman Sachs --- weighs in with its latest take on the aftermath of March's turmoil in the banking system.
One of Wall Street’s most prominent names weighed in on Wednesday with its latest take on the aftermath of March’s turmoil in the banking system, saying it expects to see ongoing deposit losses.The pace of losses should slow significantly from what was seen over the past month, however, and the continuing erosion in deposits can be alleviated via “market mechanisms,” according to strategists Praveen Korapaty and Vickie Chang at Goldman Sachs.
Data released by the Federal Reserve offers a partial picture of the outflows that occurred from March 8 to March 15 — small banks lost $184 billion and foreign bank offices lost $65 billion in deposits — though “this probably understates the extent of deposit flight,” Korapaty and Chang wrote in a note on Wednesday. Deposit outflows moderated the following week, with large banks losing $96 billion and foreign banks losing $35 billion, they said. By March 22 to March 29, large and small U.S.
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