The $4.3 billion contraction in crypto-related deposits was steeper than estimated but not a surprise, Raymond James said in a report, also on Tuesday. The bank’s growth is not dependent on “digital currency ecosystem growth,” the note said, adding that while the firm’s exposure to the cryptocurrency ecosystem remains a headwind, since the end of 2019 it has grown loans at an annualized rate of 25.4% and deposits (ex-digital assets) by 26.3%.
Source: https://www.coindesk.com/business/2022/09/07/signature-banks-crypto-outflows-mitigated-by-growth-in-core-deposits-wedbush-says/?utm_medium=referral&utm_source=rss&utm_campaign=headlines