Good morning from the Financial Times. Today is Tuesday, May 4th, and this is your FT News Briefing.

Big US banks are trying to reduce their corporate deposits,

and to follow management thinks it can do a better job with Yahoo than Verizon.

Plus, the SPAC Boom we hardly knew ye.

One moment you were seeing 5 or 6 deal announcements a day,

and then I was talking to some of my sources at banks and they were saying,

hey, we can't get investing to save our lives, and there's all these deals

that we might not be able to get done.

We'll take a look at why things petered out so quickly.

I'm Mark Filipino, and here's the news you need to start your day.

The biggest US banks are flooded with cash, and that would seem to be a good thing.

Lots of cash should mean lots of lending,

but our US banking correspondent Imani Moes has learned that big banks like

JP Morgan and Citibank are so flush with cash,

they're asking corporate clients to move their money out of deposits.

Here's a money with some more details.

So for banks, deposits are usually a good thing.

It allows them to lend more, but there's really no loan demand.

And we've seen them talk about this quarter after quarter,

where loan demand consistently comes in weaker than expected,

and they kind of push out the timeline for when they expect it to bounce back.

So if banks don't really have anything profitable to do with all the deposits,

...