Some of the biggest US banks are telling some of their biggest clients to remove cash from their accounts or risk fees, citing regulations that make it onerous for banks to hold cash deposits, according to the WSJ.
They say the clients range from large companies to hedge funds.
It sounds like the very definition of a rich-people problem but it has some implications for foreign exchange.
They not that BNY Mellon and JPMorgan have begun to charge fees of 0.2% on euro deposits because banks must pay to park money at the ECB.
