U.S. banks continue to slash exposure to muni-bonds made less valuable by tax cuts
According to estimates. the institutions decreased their municipal-debt holdings by nearly $6 billion in the second quarter.
Some of the biggest U.S. banks have continued to slash their exposure to state and city debt since the federal government cut corporate tax rates, leaving the securities less attractive to the companies.
JPMorgan Chase & Co., State Street Corp., Wells Fargo & Co., Citigroup Inc. and Bank of
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