Not All Cash Will Be Smart

Research evidence excerpt

Not All Cash Will Be Smart

Financials | Brokers, Banks & Asset Managers

June 22, 2026

Glenn Schorr, CFA Not All Cash Will Be Smart

212-653-9045 AI-powered smart cash tools are coming and there are ~$4 trillion

glenn.schorr@evercoreisi.com in bank deposits that still pay zero interest – so the market is a little

John Pancari nervous. YTD, parts of our Financials universe have faced multiple 212 497 0861

john.pancari@evercoreisi.com re-ratings (retail wealth NTM P/E multiples -20% since Feb. despite

John Dunn markets at ATHs) following announcements around agentic cash

212-446-9455 tools that could optimize deposits, raising questions around deposit

John.Dunn@EvercoreISI.com pricing & the durability of cash-related earnings streams today.

Benjamin Rubin, CFA, CPA

646-551-8502 While the agentic cash topic is interesting & you can talk yourself in

Benjamin.Rubin@evercoreisi.com circles around it, most wealth balances have sorted, large

Matthew Lyons, CFA corporates are paid market rates, while small business & consumer

212-336-1709 deposits seemingly don’t have too much incentive to optimize for an

matthew.lyons@evercoreISI.com extra ~$33 a month in interest (by our estimate, see slide 15).

Sam Wardlow

212-653-9019 Which brings us back to the point of why are we so worried? Our

sam.wardlow@evercoreisi.com banks have diversified over time, and we see a variety of offsets

Girard Sweeney that could help replace lost spread revenue, pushing us to believe

646 551 8503 that agentic-cash risks are likely overstated across our coverage, girard.sweeney@evercoreisi.com

and more of an overhang for narrower retail wealth names that Russ Anderson

212-497-0887 make most of their money from client cash balances. In this note,

Russ.Anderson@evercoreisi.com we lay out: