The Wall Street Journal's CFO Journal posted a piece entitled, "The Morning Ledger: Big Banks' Corporate Deposits Surge Amid Higher Interest Rates." They write, "Finance executives boosted their deposits at big banks in the fourth quarter in expectation of a potential economic downturn and as the Federal Reserve continued to increase interest rates. JPMorgan Chase & Co. late last week said its corporate deposits totaled $14.2 billion for the quarter ended Dec. 31, up from $396 million in the prior-year period. Citigroup Inc. recorded $31.8 billion in corporate deposits, up from $5.8 billion, and Wells Fargo & Co. booked $54.37 billion, up from $32.22 billion, financial documents show. Unlike its peers, Bank of America Corp. saw corporate deposits, listed under its 'All Other' business line, fall 6% to $19.9 billion as of Dec. 31 from $21.18 billion a year earlier." The article explains, "Overall deposit accounts at banks declined over the course of 2022 after a runup during the height of the pandemic. Total deposits were down 5% at JPMorgan, 6% at Bank of America and 7% at Wells Fargo in the fourth quarter compared with the prior-year period. Companies are shifting more of their cash into money-market funds because they consider them nearly as safe as cash and value that invested amounts remain highly liquid and accessible. Yields on money-market funds on average climbed to 4.05% in December from 0.02% a year earlier amid higher interest rates, according to Crane Data, which tracks money funds." CFO Journal adds, "Money-market yields will likely rise after the Fed raises rates again in early February, said Peter Crane, president of Crane Data. Money-market funds and corporate deposits typically see big seasonal jumps in assets at the end of the year, he added."

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