:Bank stocks were volatile in premarket trading on Thursday as lenders reported mixed quarterly results, while shares of Discover Financial Services tanked after it disclosed a regulatory review over some of its credit products.
Discover added it has also received a proposed consent order from the Federal Deposit Insurance Corporation in connection with consumer compliance that does not include the card product classification matter. Analysts have warned that banks would need to raise the interest they offer clients on their account balances, bringing deposit costs in focus for the remainder of the year.
Average deposits at Truist declined 2 per cent sequentially as customers continue to chase higher yielding alternatives for better returns. They fell 5.7 per cent in the second quarter compared with a year earlier.
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