Harris Simmons of Zions Bancorp. warned that excess deposits could suppress loan demand and pose an inflation threat, while Darren King of M&T tried to reassure investors that deposits will be less volatile than some fear once the economy improves.
Harris Simmons, the chairman and CEO of Zions Bancorp., updated investors Wednesday on his cancer diagnosis, saying a CAT scan last week did not detect the rare form of non-Hodgkin’s lymphoma with which he was diagnosed in November.
Harris Simmons, the chairman and CEO of Zions Bancorp. in Salt Lake City, said in a letter to employees that he was recently diagnosed with a form of non-Hodgkin’s lymphoma and would be pursuing a treatment plan over the next several months.
Banks have managed to steer around trouble spots in energy, hotel and mall-related credits. But fears of further deterioration, an eviction wave or more job losses are keeping lenders circumspect.
Smith, Zions' chief information officer, is overseeing a broad range of tech projects, the largest being a multiyear overhaul of the bank's core system.
The Fed’s decision to cut its benchmark interest rate amid growing coronavirus concerns is bound to have an impact on banks, but just how broad and how deep remains to be seen.
Huntington Bancshares and U.S. Bancorp also said in recent days that they are eliminating jobs to reduce overhead and improve profits. With net interest margins shrinking and branch traffic continuing to decline, expect more banks to follow suit, analysts say.
