Small and midsize U.S. banks lost hundreds of billions of dollars in recent weeks to their bigger peers and to money-market funds offering higher yields. That is likely to force many of them to increase the interest rates they are paying to avoid losing more customers.
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Banks are finally facing pressure to pay depositors more
“It’s maybe the most critical, sensitive quarter they’re ever going to report in,” said Mike Brauneis, managing director and global financial services industry leader at Protiviti, a management-consulting firm.
