State Street loads up on short-term borrowing as rates spike
Funding rejig comes amid surge in deposits
State Street’s use of short-term funding more than doubled in the first quarter, despite a simultaneous surge in deposits providing ample liquidity.
Total short-term borrowing (STB) stood at $15.1 billion on March 31, well over double the $5.5 billion level three months prior and the highest since Q2 2020.
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