US BANKS WARN COSTLY DEPOSITS TO WEAKEN INTEREST INCOME IN 2024

Four U.S. banks warned of lower interest income for this year on Friday, capping a week of dour commentary from the industry that has been under pressure from high deposit costs.

After more than a year of booking strong profits on the back of the high interest they were able to charge on loans, banks are contending with a string of challenges heading into 2024, including weaker loan growth and potentially tougher capital rules.

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