Never before have Americas banks been so wary of risking their cash deposits on U.S. government debt.
After holdings of U.S. debt surged to a record $1.89 trillion in 2012, lenders from Citigroup to Bank of America and Wells Fargo are culling for the first time in six years and amassing dollars. Banks $1.8 trillion of the bonds now equal less than 70% of their cash, the least since the Federal Reserve began compiling the data in 1973.
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