“Pricing on sweep deposits and advisory brokerage accounts, which are aligned to money market funds, will continue to move in-line with Fed rate cuts.”

In context

“rage accounts and wealth and investment management that we highlighted on last quarter's call. This was the lowest linked-quarter decline in net interest income since third quarter 2023, as customer migration to higher yielding deposit products continued to slow and the pace of deposit pricing increases also decelerated. Deposit costs were up 7 basis points in the third quarter with approximately half of this increase driven by the pricing increase on sweep deposits in advisory brokerage accounts. The third quarter increase in deposit costs was lower than the 10 basis point increase in the second quarter and the 16 basis point rise in the first quarter. In response to the Federal Reserve rate cut in September, we have reduced rates on promotional deposit offers in our consumer businesses. Pricing on sweep deposits and advisory brokerage accounts, which are aligned to money market funds, will continue to move in-line with Fed rate cuts. Commercial deposit pricing is responding quickly to Federal Reserve rate reductions, just as it did when rates were rising. We are continuously monitoring competitive conditions and deposit trends and will adjust pricing, tenor, and new balance requirements based on our observations. We highlight loans and deposits on Slide 5. Average loans were down from both the second quarter and a year ago with continued growth in credit card loan balances more than offset by declines in most other categories. I'll highlight specific drivers when discussing our operating segment results. Average deposits increased $1.4 billion from a year ago and growth in our customer deposits enabled us to reduce higher cost corporate treasury deposits. Average deposits were down $4.8 billion in the second quarter.”