European banks losing customer deposits

Savers are hunting for greater returns amid rising benchmark interest rates across the continent A vast majority of European banking giants reported a drop in deposits in the past 12 months as customers began searching for better savings deals, according to analysis released by S&P Global on Tuesday. The agency’s analysts say the fall reflects depositor efforts to find higher-yielding products to pay down increasingly expensive debt. According to the report, total deposits at European financial institutions in France, Germany, Spain, Italy, and the Benelux and Nordic regions saw a year-over-year decline of 3.9%

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