From the weekend Wall Street Journal – reports that several global banks have begun charging large customers to deposit their money in euros:
- Bank of New York Mellon recently started charging 0.2% on euro deposits the bank said Friday
- Goldman Sachs and J.P. Morgan Chase have also started charging clients (according to people familiar with the matter)
Credit Suisse has told customers it will pass along negative interest rates on all currencies in which they apply, people familiar with the matter said, and has started charging on euro deposits
- HSBC will soon start charging customers with more than roughly €10 million ($13 million) in deposits, according to a person familiar with the matter
- The clients most immediately affected are investment firms, such as hedge funds and mutual-fund companies
More at the (gated) article: Big Banks Start Charging Clients for Euro Deposits
Here’s one guy laughing all the way to the bank
