The problem, bankers tell me, is that short-term interest rates are so low that there are few opportunities for banks to profitably invest the deposits of large corporate clients. What's more, growing capital requirements have many banks attempting to reduce their balance sheets, rather than grow them through larger deposits.
So where is the money going? I've spoken to smaller, regional banks who tell me they're seeing an influx of cash because "the big boys aren't playing." Japanese banks and Canadian banks are also seeing an influx of deposits, my sources say.
It is indeed a bank run in reverse, as I explained Thursday. Depositors are running to banks with so much cash that banks are trying their best to turn them away.
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