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The Boston Globe


Bank deposits at State Street nearly double

Low interest rates, unlimited FDIC coverage are cited

State Street Corp., one of the state’s largest financial institutions, is swimming in billions of dollars in additional deposits as clients are giving up on alternatives that pay almost no interest.

The Boston firm had $52.1 billion in bank deposits as of the end of June, nearly double the $28.6 billion the amount from a year ago, according to the Federal Deposit Insurance Corp.

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