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 America Corp. decreased their holdings of tax-exempt bonds by nearly $16 billion in the first half of 2018, according to quarterly filings with the U.S. Securities and Exchange Commission. First Republic Bank and Bank of New York Mellon Corp. also cut their investments.
