KeyCorp reported a 33.5% drop in first-quarter profit on Thursday as its net interest income was eroded by higher deposit costs and elevated interest rates kept borrowers on the sidelines. U.S. banks have been grappling with increased funding costs as elevated interest rates prompt customers to move cash from banks to safe-haven higher-yielding alternatives like money-market funds for better returns. Net interest income (NII), or the difference between what a bank earns on loans and pays out on deposits, fell 20% to $886 million in the quarter.
Nvidia and chips led the latest market retreat Wednesday. Taiwan Semiconductor earnings and guidance were upbeat.
Prince William has been spending time with wife and children since last engagement in March