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A wave of cash flooding bank balance sheets during Covid-19 has prompted some of the largest US lenders to take the unusual step of advising corporate clients to move money out of deposits.

Banks including JPMorgan Chase and Citigroup have spoken with large corporate clients about putting cash into money market funds rather than in deposits, according to people briefed on the talks.

The discussions followed a Federal Reserve decision in March to end looser capital rules for banks that were put in place early in the pandemic. The regulatory relief had helped lenders cope with a surge in deposits that resulted from US fiscal stimulus and the central bank’s quantitative easing policies.

Usually, deposit growth is a welcome indicator of a healthy economy and allows banks to lend more. But in the absence of comparable loan demand, extra deposits can be costly for banks, requiring them to hold more capital.

Chart showing amount of deposits at the three largest US banks

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Mexico City railway bridge collapses More than 20 people died and 65 were hospitalised when an elevated section of the Mexico City metro collapsed on to a road below late on Monday. The accident happened on Line 12, the newest metro line, in the south of the capital.

Saudi Aramco earnings Saudi Aramco reported a 30 per cent increase in first-quarter earnings as higher oil prices, stronger refining and chemicals margins offset lower production. Saudi Aramco like other listed oil majors has benefited largely from a pick-up in oil prices as demand recovers.

Chinese banks accused of funding deforestation Chinese banks are the second largest financers of commodities implicated in tropical rainforest deforestation, according to research that casts doubt on Beijing’s ambitions to be a global leader in the fight against climate change.

Senior Fed official in line to lead top US banking regulator Michael Hsu, a senior Federal Reserve official responsible for supervising the largest US banks, is poised to become the next acting comptroller of the currency, ending weeks of uncertainty over the US financial regulator’s leadership.

US plans crackdown on greenhouse gases used in refrigerators The US Environmental Protection Agency has announced a sweeping curtailment of hydrofluorocarbons, or HFCs, a group of potent greenhouse gases used in air conditioners and refrigerators, as the regulator advances revived emissions goals under the Biden administration.

Bill and Melinda Gates to divorce Bill Gates, the Microsoft co-founder, and his wife Melinda have announced they are ending their marriage after 27 years. The couple said the move would not affect the work of the Bill & Melinda Gates Foundation, the world’s largest private charitable organisation, which has sought to improve healthcare and reduce poverty.

G7 in London Foreign ministers of G7 nations on Tuesday continue their first face-to-face meeting in two years, where they will discuss countering the influence of China and Russia.

Economic data The US trade deficit is expected to rise in March after it jumped to a record $71.1bn in February. A report from the Commerce Department will probably show new orders for US-made goods rose 1.3 per cent in March.

AGM General Electric boss Larry Culp is facing a shareholder revolt at today’s annual meeting after the company relaxed his performance targets following a pandemic-linked fall in GE shares.

Earnings round-up Pfizer, ConocoPhillips, T-Mobile US, KKR, Hello Fresh, Thomson Reuters, RingCentral, Lyft and Warner Music Group report.

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Will regulators deflate the Spac boom? Special purpose acquisition companies, once considered a flaky sideshow of finance, have over the past year become the driving force of capital markets and dealmaking. But Spacs, which raise money from investors to complete a merger and take a company public, have suddenly lost their lustre — not least in the eyes of regulators.

Wall St rallies behind one of its own in New York mayoral race Ray McGuire’s campaign for New York mayor has been turbocharged by donations from the city’s close-knit corporate dealmaking community. A mergers and acquisitions banker for nearly 40 years, McGuire has amassed $7.4m in private funds for his campaign.

Lousy demographics will not stop China’s rise A shrinking and ageing population may not have the same gloomy implications in the 21st century as it once did, writes Gideon Rachman. If technological prowess, rather than young men, is the key to future power, China is well placed.

Not all blue-collar workers will find green-collar jobs Today’s blue-collar workers are tomorrow’s “green-collar” workers — or so politicians would have us believe. The truth is that the road to net zero will destroy jobs in some carbon-intensive sectors as it creates new ones elsewhere. And some activities will not need as many workers as before, writes Sarah O’Connor.

Workers can use their voice if they come together The gift that 2020 gave us was space and a chance to work out what is good and bad in our lives and reimagine it to be more sustainable. Wherever you sit in the “at home or five days in the office” debate, it’s clear flexible working is a battle for equality.

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