US regional bank executives say the pressure to pay up to keep depositors from leaving, which cut profits last year, is easing, paving the way for better earnings after the collapse of Silicon Valley Bank hurt mid-sized lenders last year.
Tim Spence, chief executive at Fifth Third Bank, based in Cincinnati, Ohio, said the competition for deposits remained “robust,” but that banks were no longer having to offer customers such generous terms to keep their business.
“You still have to be competitive,” Spence told the Financial Times. “I just think you’re not fighting irrationality the way maybe we would have been before.”
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