EVENTS:   The Great Reset: AI, Geopolitics and The End of The Cheap Chips - MS Hwang/Counterpoint Research - 10 Feb 26   Making Weather Pay – The Outlook For Global Commodities - James Roemer/Best Weather - 11 Feb 26     ROADSHOWS: Thematic Research Based Ideas - David Scott /CHA-AM Advisors   •   London   06 - 06 Feb 26       Commodities Research with a Focus on Oil and Energy - Kathleen Kelley /Queen Anne's Gate Capital   •   London   10 - 10 Feb 26       Predictive Investment Models for Idea Generation and Risk Management - Hugh Vuillier /Variant Perception   •   New York   16 - 19 Feb 26      
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US Banks: Is system deposit flight being contained?

Financials

Galliano's Financials Research

Deposit outflows for 1Q23 in the most affected of the mid-sized US banks were in low double digits, much less severe than the deposit collapse suffered by First Republic. In fact, since the end of 1Q23, some smaller banks have reported slightly positive deposit flows, and the recent usage of Fed and FHLB funding lines is not alarming. Victor Galliano reviews a select group of mid-sized US banks focusing in on a number of key metrics; despite the challenging times, he likes M&T Bank and Western Alliance. Victor also believes that market concerns regarding PacWest’s viability may be overdone.

Edition: 160

- 12 May, 2023